First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 83.1% | ||||||||
| Belgium - 0.9% | ||||||||
| Groupe Bruxelles Lambert NV | 6,469,396 | 540,842,323 | ||||||
| Brazil - 1.1% | ||||||||
| Ambev SA, ADR | 166,791,911 | 363,606,366 | ||||||
| Itausa SA (Preference) | 167,347,694 | 309,319,255 | ||||||
| 672,925,621 | ||||||||
| Canada - 5.3% | ||||||||
| Agnico Eagle Mines Ltd. | 1,999,447 | 248,213,682 | ||||||
| Barrick Mining Corp. | 20,796,383 | 439,219,609 | ||||||
| Franco-Nevada Corp. | 1,228,062 | 195,624,888 | ||||||
| Imperial Oil Ltd. | 10,896,401 | 908,531,472 | ||||||
| Nutrien Ltd. | 6,438,891 | 381,955,014 | ||||||
| Power Corp. of Canada | 10,763,570 | 433,774,357 | ||||||
| Wheaton Precious Metals Corp. | 7,730,000 | 707,372,300 | ||||||
| 3,314,691,322 | ||||||||
| China - 2.6% | ||||||||
| Alibaba Group Holding Ltd. | 37,671,592 | 566,384,050 | ||||||
| Prosus NV | 18,115,368 | 1,034,855,001 | ||||||
| 1,601,239,051 | ||||||||
| France - 2.9% | ||||||||
| Danone SA | 7,619,136 | 623,526,596 | ||||||
| Legrand SA | 2,092,188 | 309,030,513 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,121,606 | 602,091,637 | ||||||
| Pluxee NV | 1,781,470 | 36,125,231 | ||||||
| Sanofi SA | 429,071 | 38,518,026 | ||||||
| Sodexo SA | 2,131,829 | 126,787,357 | ||||||
| Wendel SE | 867,489 | 81,288,727 | ||||||
| 1,817,368,087 | ||||||||
| Germany - 1.5% | ||||||||
| Brenntag SE | 1,126,149 | 69,865,355 | ||||||
| Henkel AG & Co. KGaA (Preference) | 3,516,726 | 270,995,883 | ||||||
| Merck KGaA | 4,928,583 | 615,996,253 | ||||||
| 956,857,491 | ||||||||
| Hong Kong - 2.1% | ||||||||
| AIA Group Ltd. | 41,248,000 | 384,603,454 | ||||||
| CK Asset Holdings Ltd. | 54,929,000 | 251,695,777 | ||||||
| Guoco Group Ltd. (a) | 12,748,580 | 120,340,099 | ||||||
| Hongkong Land Holdings Ltd. | 31,759,300 | 192,143,765 | ||||||
| Jardine Matheson Holdings Ltd. | 7,051,271 | 382,893,844 | ||||||
| 1,331,676,939 | ||||||||
| Japan - 6.4% | ||||||||
| Chofu Seisakusho Co. Ltd. (b) | 2,263,600 | 29,994,587 | ||||||
| FANUC Corp. | 17,670,600 | 491,895,819 | ||||||
| Hirose Electric Co. Ltd. | 1,258,915 | 158,075,846 | ||||||
| Hoshizaki Corp. | 6,107,800 | 209,148,155 | ||||||
| Keyence Corp. | 336,400 | 121,686,462 | ||||||
| Mitsubishi Electric Corp. | 24,592,300 | 553,136,039 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 23,189,560 | 495,470,020 | ||||||
| Secom Co. Ltd. | 12,674,260 | 455,173,845 | ||||||
| Shimano, Inc. (b) | 4,397,890 | 481,111,430 | ||||||
| SMC Corp. | 1,622,456 | 564,571,785 | ||||||
| Sompo Holdings, Inc. | 11,283,000 | 332,702,433 | ||||||
| T Hasegawa Co. Ltd. (b) | 3,002,800 | 61,955,925 | ||||||
| USS Co. Ltd. | 2,597,200 | 28,228,688 | ||||||
| 3,983,151,034 | ||||||||
| Mexico - 1.6% | ||||||||
| Fomento Economico Mexicano SAB de CV, ADR | 6,677,092 | 604,009,742 | ||||||
| Fresnillo plc | 5,445,510 | 100,408,027 | ||||||
| Grupo Mexico SAB de CV, Series B | 16,513,538 | 103,370,459 | ||||||
| Industrias Penoles SAB de CV * | 6,234,643 | 164,334,812 | ||||||
| Wal-Mart de Mexico SAB de CV | 11,700,536 | 34,490,687 | ||||||
| 1,006,613,727 | ||||||||
| Netherlands - 0.4% | ||||||||
| Heineken Holding NV | 3,269,505 | 220,662,701 | ||||||
| Heineken NV | 439,351 | 34,485,424 | ||||||
| 255,148,125 | ||||||||
| Norway - 0.3% | ||||||||
| Orkla ASA | 16,166,787 | 170,010,525 | ||||||
| South Korea - 3.8% | ||||||||
| Hyundai Mobis Co. Ltd. | 999,985 | 211,016,639 | ||||||
| KT&G Corp. | 5,242,098 | 491,309,757 | ||||||
| NAVER Corp. | 1,857,627 | 312,629,605 | ||||||
| Samsung Electronics Co. Ltd. | 11,473,361 | 584,728,073 | ||||||
| Samsung Electronics Co. Ltd. (Preference) | 12,016,075 | 494,755,444 | ||||||
| Samsung Life Insurance Co. Ltd. | 2,998,664 | 270,672,958 | ||||||
| 2,365,112,476 | ||||||||
| Sweden - 1.0% | ||||||||
| Investor AB, Class A | 4,970,940 | 144,214,858 | ||||||
| Investor AB, Class B | 11,255,824 | 326,188,361 | ||||||
| Svenska Handelsbanken AB, Class A | 10,429,006 | 127,070,956 | ||||||
| 597,474,175 | ||||||||
| Switzerland - 3.0% | ||||||||
| Cie Financiere Richemont SA (Registered) | 4,453,017 | 727,072,264 | ||||||
| Nestle SA (Registered) | 4,863,144 | 424,927,328 | ||||||
| Schindler Holding AG | 1,736,948 | 628,142,817 | ||||||
| Schindler Holding AG (Registered) | 211,870 | 74,309,061 | ||||||
| 1,854,451,470 | ||||||||
| Taiwan - 1.4% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3,514,485 | 849,169,866 | ||||||
| Thailand - 0.3% | ||||||||
| Bangkok Bank PCL, NVDR | 42,690,800 | 192,965,439 | ||||||
| United Kingdom - 8.2% | ||||||||
| BAE Systems plc | 23,344,728 | 557,020,187 | ||||||
| Berkeley Group Holdings plc (b) | 6,528,960 | 313,989,695 | ||||||
| British American Tobacco plc | 20,559,170 | 1,101,505,959 | ||||||
| Derwent London plc, REIT | 4,966,240 | 126,582,232 | ||||||
| Diageo plc | 9,616,920 | 233,090,685 | ||||||
| Haleon plc | 107,935,852 | 506,291,810 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Investments | Shares | Value ($) | ||||||
| Lloyds Banking Group plc | 332,182,803 | 340,636,313 | ||||||
| Reckitt Benckiser Group plc | 9,376,596 | 702,736,421 | ||||||
| Shell plc | 12,805,177 | 461,448,738 | ||||||
| Unilever plc | 12,894,404 | 753,737,601 | ||||||
| 5,097,039,641 | ||||||||
| United States - 40.3% | ||||||||
| Alphabet, Inc., Class A | 2,694,360 | 517,047,684 | ||||||
| Alphabet, Inc., Class C | 5,094,822 | 982,587,371 | ||||||
| American Express Co. | 1,267,879 | 379,488,863 | ||||||
| Analog Devices, Inc. | 1,391,521 | 312,577,362 | ||||||
| Bank of New York Mellon Corp. (The) | 8,011,973 | 812,814,661 | ||||||
| Becton Dickinson & Co. | 6,610,056 | 1,178,242,482 | ||||||
| Berkshire Hathaway, Inc., Class A * | 434 | 312,414,900 | ||||||
| Bio-Rad Laboratories, Inc., Class A * | 1,878,739 | 454,560,901 | ||||||
| BXP, Inc., REIT | 2,473,129 | 161,816,830 | ||||||
| Carlisle Cos., Inc. | 403,991 | 143,299,648 | ||||||
| CH Robinson Worldwide, Inc. (b) | 7,566,045 | 872,516,309 | ||||||
| Charter Communications, Inc., Class A * | 567,150 | 152,767,524 | ||||||
| Colgate-Palmolive Co. | 5,342,322 | 447,953,700 | ||||||
| Comcast Corp., Class A | 24,979,449 | 830,067,090 | ||||||
| Cummins, Inc. | 1,119,800 | 411,660,876 | ||||||
| Deere & Co. | 381,724 | 200,164,614 | ||||||
| Dentsply Sirona, Inc. (b) | 10,435,979 | 149,338,859 | ||||||
| Dollar General Corp. | 4,406,100 | 462,199,890 | ||||||
| Douglas Emmett, Inc., REIT (b) | 9,162,021 | 138,896,238 | ||||||
| Elevance Health, Inc. | 2,570,018 | 727,520,695 | ||||||
| Equity Residential, REIT | 6,189,955 | 391,205,156 | ||||||
| Expeditors International of Washington, Inc. | 4,576,022 | 531,916,797 | ||||||
| Extra Space Storage, Inc., REIT | 1,155,209 | 155,213,881 | ||||||
| Exxon Mobil Corp. | 5,306,628 | 592,431,950 | ||||||
| Ferguson Enterprises, Inc. | 444,071 | 99,174,376 | ||||||
| Fidelity National Financial, Inc. | 4,297,027 | 242,481,234 | ||||||
| Flowserve Corp. | 1,491,326 | 83,573,909 | ||||||
| HCA Healthcare, Inc. | 2,734,128 | 967,853,971 | ||||||
| International Flavors & Fragrances, Inc. | 4,086,470 | 290,261,964 | ||||||
| IPG Photonics Corp. *(b) | 3,319,802 | 248,619,972 | ||||||
| JG Boswell Co. | 2,485 | 1,318,292 | ||||||
| Kraft Heinz Co. (The) | 771,756 | 21,192,420 | ||||||
| Medtronic plc | 6,658,084 | 600,825,500 | ||||||
| Meta Platforms, Inc., Class A | 2,449,415 | 1,894,475,538 | ||||||
| Microsoft Corp. | 391,945 | 209,102,658 | ||||||
| Mills Music Trust (b) | 31,592 | 837,188 | ||||||
| Newmont Corp. | 8,042,727 | 499,453,347 | ||||||
| Noble Corp. plc (b) | 9,141,720 | 245,089,513 | ||||||
| NOV, Inc. (b) | 28,255,276 | 355,451,372 | ||||||
| Omnicom Group, Inc. | 2,970,235 | 214,005,432 | ||||||
| ONEOK, Inc. | 4,577,305 | 375,842,514 | ||||||
| Oracle Corp. | 7,270,036 | 1,844,917,036 | ||||||
| Philip Morris International, Inc. | 4,885,816 | 801,518,115 | ||||||
| PPG Industries, Inc. | 4,111,217 | 433,733,394 | ||||||
| Ross Stores, Inc. | 1,040,944 | 142,130,494 | ||||||
| Royal Gold, Inc. | 1,438,598 | 217,832,509 | ||||||
| RPM International, Inc. | 217,286 | 25,511,549 | ||||||
| Salesforce, Inc. | 2,340,124 | 604,524,233 | ||||||
| Schlumberger NV | 20,475,698 | 692,078,592 | ||||||
| Texas Instruments, Inc. | 2,442,932 | 442,317,268 | ||||||
| Universal Health Services, Inc., Class B | 3,368,166 | 560,631,231 | ||||||
| US Bancorp | 5,965,007 | 268,186,715 | ||||||
| Walt Disney Co. (The) | 2,500,477 | 297,831,815 | ||||||
| Weyerhaeuser Co., REIT | 10,347,140 | 259,195,857 | ||||||
| Willis Towers Watson plc | 2,511,169 | 793,052,282 | ||||||
| 25,051,724,571 | ||||||||
| TOTAL COMMON STOCKS (Cost $33,640,950,775) | 51,658,461,883 | |||||||
Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 10.3% | ||||||||
| Gold bullion* (Cost $1,871,828,285) | 1,946,358 | 6,405,853,213 | ||||||
Investments | Principal Amount ($) | Value ($) | ||||||
| CORPORATE BONDS - 0.0%(c) | ||||||||
| United States - 0.0%(c) | ||||||||
| Bausch & Lomb, Inc. | ||||||||
| 7.13%, 08/01/2028 ‡ (Cost $5,255,642) | 5,467,000 | 5,234,653 | ||||||
| SHORT-TERM INVESTMENTS - 6.7% | ||||||||
| COMMERCIAL PAPER - 6.3% | ||||||||
| AES Corp. (The) | ||||||||
| 4.75%, 08/01/2025 (d) | 33,080,000 | 33,075,614 | ||||||
| Apple, Inc. | ||||||||
| 4.33%, 09/24/2021 (d)(e) | 55,000,000 | 54,637,841 | ||||||
| 4.30%, 08/04/2025 (d)(e) | 45,000,000 | 44,978,477 | ||||||
| 4.31%, 08/05/2025 (d)(e) | 70,000,000 | 69,958,070 | ||||||
| 4.35%, 09/15/2025 (d)(e) | 4,000,000 | 3,977,971 | ||||||
| Cargill, Inc. | ||||||||
| 4.32%, 08/01/2025 (d)(e) | 47,696,000 | 47,690,262 | ||||||
| Cencora, Inc. | ||||||||
| 4.55%, 08/01/2025 (d)(e) | 23,487,000 | 23,484,036 | ||||||
| Energy Transfer LP | ||||||||
| 4.55%, 08/01/2025 (d)(e) | 16,540,000 | 16,537,918 | ||||||
| Engie SA | ||||||||
| 4.46%, 08/11/2025 (d)(e) | 50,000,000 | 49,933,280 | ||||||
| 4.45%, 08/14/2025 (d)(e) | 40,000,000 | 39,931,984 | ||||||
| 4.50%, 08/27/2025 (d)(e) | 85,000,000 | 84,722,424 | ||||||
| 4.45%, 09/15/2025 (d)(e) | 50,000,000 | 49,721,230 | ||||||
| 4.43%, 09/22/2025 (d)(e) | 50,000,000 | 49,679,670 | ||||||
| 4.38%, 09/30/2025 (d) | 80,000,000 | 79,411,648 | ||||||
| 4.39%, 10/27/2025 (d) | 60,000,000 | 59,362,098 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
| 4.40%, 10/28/2025 (d) | 50,000,000 | 49,462,330 | ||||||
| Export Development Corp. | ||||||||
| 4.33%, 10/15/2025 (d) | 50,000,000 | 49,552,445 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 4.48%, 08/01/2025 (d)(e) | 78,399,000 | 78,389,278 | ||||||
| Global Payments, Inc. | ||||||||
| 4.88%, 08/01/2025 (d) | 16,540,000 | 16,537,749 | ||||||
| Honeywell International, Inc. | ||||||||
| 4.45%, 10/06/2025 (d)(e) | 70,000,000 | 69,430,683 | ||||||
| 4.46%, 10/14/2025 (d)(e) | 12,000,000 | 11,890,750 | ||||||
| Hydro-Quebec | ||||||||
| 4.38%, 09/04/2025 (d) | 50,000,000 | 49,788,865 | ||||||
| 4.40%, 10/16/2025 (d) | 65,000,000 | 64,395,227 | ||||||
| 4.40%, 10/17/2025 (d) | 65,000,000 | 64,387,375 | ||||||
| Johnson & Johnson | ||||||||
| 4.32%, 10/23/2025 (d) | 12,000,000 | 11,879,376 | ||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 4.36%, 10/14/2021 (d)(e) | 80,000,000 | 79,280,832 | ||||||
| 4.39%, 08/12/2025 (d)(e) | 49,000,000 | 48,930,092 | ||||||
| 4.33%, 08/13/2025 (d)(e) | 60,000,000 | 59,907,264 | ||||||
| 4.39%, 08/25/2025 (d) | 100,000,000 | 99,702,160 | ||||||
| 4.39%, 08/29/2025 (d)(e) | 78,136,000 | 77,865,485 | ||||||
| 4.36%, 10/24/2025 (d) | 67,500,000 | 66,810,703 | ||||||
| 4.37%, 10/27/2025 (d) | 67,500,000 | 66,785,877 | ||||||
| NRW Bank | ||||||||
| 4.35%, 10/20/2021 (d)(e) | 70,000,000 | 69,319,761 | ||||||
| 4.38%, 08/15/2025 (d)(e) | 90,000,000 | 89,837,496 | ||||||
| 4.38%, 08/22/2025 (d) | 48,500,000 | 48,371,470 | ||||||
| 4.36%, 08/26/2025 (d) | 80,000,000 | 79,749,344 | ||||||
| 4.37%, 10/10/2025 (d)(e) | 100,000,000 | 99,146,230 | ||||||
| 4.36%, 10/29/2025 (d) | 70,000,000 | 69,245,750 | ||||||
| Ontario Teachers' Finance Trust | ||||||||
| 4.37%, 08/01/2025 (d)(e) | 45,000,000 | 44,994,609 | ||||||
| Oracle Corp. | ||||||||
| 4.60%, 08/28/2025 (d)(e) | 50,000,000 | 49,822,945 | ||||||
| Philip Morris International, Inc. | ||||||||
| 4.37%, 08/11/2025 (d) | 50,000,000 | 49,933,515 | ||||||
| 4.37%, 08/12/2025 (d) | 50,000,000 | 49,927,465 | ||||||
| 4.37%, 08/14/2025 (d) | 60,000,000 | 59,898,426 | ||||||
| 4.37%, 08/20/2025 (d) | 60,000,000 | 59,854,536 | ||||||
| 4.38%, 09/17/2025 (d) | 50,000,000 | 49,707,865 | ||||||
| Province of Quebec | ||||||||
| 4.40%, 09/02/2021 (d)(e) | 46,751,000 | 46,565,782 | ||||||
| 4.38%, 08/01/2025 (d)(e) | 70,000,000 | 69,991,635 | ||||||
| 4.36%, 08/06/2025 (d)(e) | 100,000,000 | 99,928,190 | ||||||
| 4.36%, 08/08/2025 (d)(e) | 50,000,000 | 49,952,105 | ||||||
| 4.37%, 08/20/2025 (d) | 40,000,000 | 39,903,912 | ||||||
| 4.36%, 08/21/2025 (d) | 100,000,000 | 99,747,640 | ||||||
| 4.36%, 08/22/2025 (d) | 99,000,000 | 98,738,313 | ||||||
| 4.37%, 09/16/2025 (d) | 50,000,000 | 49,717,345 | ||||||
| PSP Capital, Inc. | ||||||||
| 4.37%, 08/05/2025 (d)(e) | 45,000,000 | 44,973,018 | ||||||
| 4.36%, 08/18/2025 (d)(e) | 100,000,000 | 99,785,020 | ||||||
| 4.38%, 08/19/2025 (d)(e) | 85,000,000 | 84,807,373 | ||||||
| 4.38%, 09/03/2025 (d)(e) | 70,000,000 | 69,714,799 | ||||||
| 4.35%, 09/25/2025 (d)(e) | 50,000,000 | 49,663,325 | ||||||
| 4.37%, 10/24/2025 (d)(e) | 60,000,000 | 59,387,766 | ||||||
| 4.36%, 11/04/2025 (d)(e) | 51,000,000 | 50,412,750 | ||||||
| Sanofi SA | ||||||||
| 4.40%, 08/28/2025 (d)(e) | 65,113,000 | 64,893,758 | ||||||
| Siemens Capital Co. LLC | ||||||||
| 4.33%, 09/02/2025 (d)(e) | 19,000,000 | 18,925,248 | ||||||
| 4.35%, 09/26/2025 (d)(e) | 75,000,000 | 74,489,378 | ||||||
| TotalEnergies Capital SA | ||||||||
| 4.41%, 09/29/2025 (d) | 70,000,000 | 69,489,000 | ||||||
| Walt Disney Co. (The) | ||||||||
| 4.39%, 09/23/2025 (d) | 100,000,000 | 99,344,500 | ||||||
| 4.39%, 09/24/2025 (d)(e) | 25,000,000 | 24,833,090 | ||||||
| 4.40%, 10/02/2025 (d)(e) | 67,900,000 | 67,380,735 | ||||||
| TOTAL COMMERCIAL PAPER (Cost $3,925,019,698) | 3,924,553,108 | |||||||
| U.S. TREASURY OBLIGATIONS - 0.4% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.23%, 08/07/2025 (d) | 40,000,000 | 39,971,545 | ||||||
| 4.15%, 09/18/2025 (d) | 40,000,000 | 39,772,582 | ||||||
| 4.08%, 10/02/2025 (d) | 60,000,000 | 59,560,928 | ||||||
| 3.93%, 10/30/2025 (d)(f) | 50,000,000 | 49,470,063 | ||||||
| 4.18%, 11/13/2025 (d)(f) | 40,000,000 | 39,515,013 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $228,388,869) | 228,290,131 | |||||||
Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.0%(c) | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (g) (Cost $17,680,115) | 17,680,115 | 17,680,115 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,171,088,682) | 4,170,523,354 | |||||||
| Total Investments - 100.1% (Cost $39,689,123,384) | 62,240,073,103 | |||||||
| Liabilities in excess of other assets - (0.1)% | (49,845,920 | ) | ||||||
| Net Assets - 100.0% | 62,190,227,183 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at July 31, 2025 amounted to $120,340,099, which represents approximately 0.19% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| Guoco Group Ltd. | 03/22/2004 - 12/29/2020 | $ | 115,604,847 | $ | 9.44 | |||||
| (b) | Affiliated company as defined under the Investment Company Act of 1940. |
| (c) | Represents less than 0.05% of net assets. |
| (d) | The rate shown was the current yield as of July 31, 2025. |
| (e) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $2,289,772,560, which represents approximately 3.68% of net assets of the Fund. |
| (f) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
| (g) | Represents 7-day effective yield as of July 31, 2025. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2025
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | |||||||||||||
| USD | 101,057,916 | EUR | 86,302,000 | Bank of New York Mellon | 08/06/2025 | $ | 2,557,104 | ||||||||||
| USD | 91,587,298 | JPY | 13,581,572,000 | Bank of New York Mellon | 08/06/2025 | 1,501,369 | |||||||||||
| USD | 297,897,314 | EUR | 258,736,000 | Goldman Sachs | 09/03/2025 | 2,020,278 | |||||||||||
| USD | 78,577,645 | GBP | 58,809,000 | Goldman Sachs | 09/03/2025 | 888,075 | |||||||||||
| USD | 103,143,587 | JPY | 14,548,403,000 | Goldman Sachs | 09/03/2025 | 6,335,781 | |||||||||||
| USD | 52,304,522 | EUR | 44,460,000 | JPMorgan Chase Bank | 10/01/2025 | 1,362,124 | |||||||||||
| USD | 73,833,625 | GBP | 54,772,000 | JPMorgan Chase Bank | 10/01/2025 | 1,456,068 | |||||||||||
| USD | 117,074,684 | JPY | 16,683,084,000 | JPMorgan Chase Bank | 10/01/2025 | 5,691,292 | |||||||||||
| USD | 303,216,050 | EUR | 258,736,000 | UBS AG | 11/05/2025 | 6,094,546 | |||||||||||
| USD | 86,455,654 | JPY | 12,428,813,000 | UBS AG | 11/05/2025 | 3,165,741 | |||||||||||
| USD | 284,653,287 | EUR | 246,110,000 | Bank of New York Mellon | 12/03/2025 | 1,509,983 | |||||||||||
| USD | 119,845,972 | JPY | 17,623,530,000 | Bank of New York Mellon | 12/03/2025 | 1,383,001 | |||||||||||
| Total unrealized appreciation | 33,965,362 | ||||||||||||||||
| EUR | 258,736,000 | USD | 297,003,054 | Bank of New York Mellon | 08/06/2025 | (1,694,647 | ) | ||||||||||
| JPY | 13,581,572,000 | USD | 91,231,088 | Bank of New York Mellon | 08/06/2025 | (1,145,159 | ) | ||||||||||
| USD | 187,403,168 | EUR | 172,434,000 | Bank of New York Mellon | 08/06/2025 | (9,404,427 | ) | ||||||||||
| USD | 244,372,136 | EUR | 214,276,000 | JPMorgan Chase Bank | 10/01/2025 | (1,145,934 | ) | ||||||||||
| Total unrealized depreciation | (13,390,167 | ) | |||||||||||||||
| Net unrealized appreciation | $ | 20,575,195 | |||||||||||||||
| Abbreviations | |
| ADR | American Depositary Receipt |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NVDR | Non-Voting Depositary Receipt |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Aerospace & Defense | 0.9 | % | ||
| Air Freight & Logistics | 2.3 | |||
| Automobile Components | 0.3 | |||
| Banks | 2.0 | |||
| Beverages | 2.4 | |||
| Broadline Retail | 2.6 | |||
| Building Products | 0.2 | |||
| Capital Markets | 1.3 | |||
| Chemicals | 1.9 | |||
| Commercial Services & Supplies | 0.7 | |||
| Commodities | 10.3 | |||
| Consumer Finance | 0.6 | |||
| Consumer Staples Distribution & Retail | 0.7 | |||
| Electrical Equipment | 1.4 | |||
| Electronic Equipment, Instruments & Components | 0.9 | |||
| Energy Equipment & Services | 2.1 | |||
| Entertainment | 0.5 | |||
| Financial Services | 2.3 | |||
| Food Products | 2.0 | |||
| Health Care Equipment & Supplies | 3.1 | |||
| Health Care Providers & Services | 3.7 | |||
| Hotels, Restaurants & Leisure | 0.2 | |||
| Household Durables | 0.6 | |||
| Household Products | 2.2 | |||
| Industrial Conglomerates | 0.8 | |||
| Insurance | 4.7 | |||
| Interactive Media & Services | 6.0 | |||
| Leisure Products | 0.8 | |||
| Life Sciences Tools & Services | 0.7 | |||
| Machinery | 4.2 | |||
| Media | 1.8 | |||
| Metals & Mining | 4.3 | |||
| Office REITs | 0.7 | |||
| Oil, Gas & Consumable Fuels | 3.8 | |||
| Personal Care Products | 1.2 | |||
| Pharmaceuticals | 1.9 | |||
| Real Estate Management & Development | 0.7 | |||
| Residential REITs | 0.6 | |||
| Semiconductors & Semiconductor Equipment | 2.6 | |||
| Software | 4.3 | |||
| Specialized REITs | 0.7 | |||
| Specialty Retail | 0.2 | |||
| Technology Hardware, Storage & Peripherals | 1.8 | |||
| Textiles, Apparel & Luxury Goods | 2.2 | |||
| Tobacco | 3.9 | |||
| Trading Companies & Distributors | 0.3 | |||
| Short-Term Investments | 6.7 | |||
| Total Investments | 100.1 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Affiliated Securities
| Security Description | Market
Value October 31, 2024 | Purchases at Cost | Proceeds from Sales | Net
Realized Gains (Loss) | Change
in Unrealized Appreciation/Depreciation | Market
Value July 31, 2025 | Shares
at July 31, 2025 | Dividend Income | ||||||||||||||||||||
| Common Stocks 4.8% | ||||||||||||||||||||||||||||
| Japan 0.9% | ||||||||||||||||||||||||||||
| Chofu Seisakusho Co. Ltd. | $ | 36,095,872 | $ | — | $ | (7,036,403 | ) | $ | (4,318,913 | ) | $ | 5,254,031 | $ | 29,994,587 | 2,263,600 | $ | 736,608 | |||||||||||
| Shimano, Inc.^ | 362,821,426 | 259,452,603 | — | — | (141,162,599 | ) | 481,111,430 | 4,397,890 | 6,501,142 | |||||||||||||||||||
| T Hasegawa Co. Ltd. | 65,161,051 | — | — | — | (3,205,126 | ) | 61,955,925 | 3,002,800 | 667,712 | |||||||||||||||||||
| 464,078,349 | 259,452,603 | (7,036,403 | ) | (4,318,913 | ) | (139,113,694 | ) | 573,061,942 | 9,664,290 | 7,905,462 | ||||||||||||||||||
| United Kingdom 0.5% | ||||||||||||||||||||||||||||
| Berkeley Group Holdings plc | 372,574,034 | — | — | — | (58,584,339 | ) | 313,989,695 | 6,528,960 | 2,774,746 | |||||||||||||||||||
| United States 3.4% | ||||||||||||||||||||||||||||
| CH Robinson Worldwide, Inc. | 823,996,146 | — | (48,288,702 | ) | 14,585,470 | 82,223,395 | 872,516,309 | 7,566,045 | 14,175,061 | |||||||||||||||||||
| Dentsply Sirona, Inc. | 241,801,633 | — | — | — | (92,462,774 | ) | 149,338,859 | 10,435,979 | 5,009,270 | |||||||||||||||||||
| Douglas Emmett, Inc., REIT | 162,992,354 | — | — | — | (24,096,116 | ) | 138,896,238 | 9,162,021 | 5,222,352 | |||||||||||||||||||
| Flowserve Corp.^^ | 415,446,250 | — | (387,516,340 | ) | 76,156,984 | (20,512,985 | ) | 83,573,909 | 1,491,326 | 2,402,529 | ||||||||||||||||||
| IPG Photonics Corp.* | 268,771,170 | — | — | — | (20,151,198 | ) | 248,619,972 | 3,319,802 | — | |||||||||||||||||||
| Mills Music Trust | 1,137,312 | — | — | — | (300,124 | ) | 837,188 | 31,592 | — | |||||||||||||||||||
| Noble Corp. plc^ | 171,568,734 | 122,490,591 | — | — | (48,969,812 | ) | 245,089,513 | 9,141,720 | 13,055,261 | |||||||||||||||||||
| NOV, Inc. | 438,239,331 | — | — | — | (82,787,959 | ) | 355,451,372 | 28,255,276 | 12,291,045 | |||||||||||||||||||
| 2,523,952,930 | 122,490,591 | (435,805,042 | ) | 90,742,454 | (207,057,573 | ) | 2,094,323,360 | 69,403,761 | 52,155,518 | |||||||||||||||||||
| Total Common Stocks | 3,360,605,313 | 381,943,194 | (442,841,445 | ) | 86,423,541 | (404,755,606 | ) | 2,981,374,997 | 85,597,011 | 62,835,726 | ||||||||||||||||||
| Total | $ | 3,360,605,313 | $ | 381,943,194 | $ | (442,841,445 | ) | $ | 86,423,541 | $ | (404,755,606 | ) | $ | 2,981,374,997 | 85,597,011 | $ | 62,835,726 | |||||||||||
| * | Non-income producing security. |
| ^ | Represents an unaffiliated issuer as of October 31, 2024. |
| ^^ | Represents an unaffiliated issuer as of July 31, 2025. |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 87.7% | ||||||||
| Belgium - 1.7% | ||||||||
| Groupe Bruxelles Lambert NV | 2,664,632 | 222,763,572 | ||||||
| Legris Industries SA *‡(a)(b)(c) | 905,366 | 18,649,326 | ||||||
| 241,412,898 | ||||||||
| Brazil - 1.9% | ||||||||
| Ambev SA, ADR | 75,441,038 | 164,461,463 | ||||||
| Itausa SA (Preference) | 52,050,181 | 96,207,619 | ||||||
| 260,669,082 | ||||||||
| Canada - 9.0% | ||||||||
| Agnico Eagle Mines Ltd. | 441,349 | 54,789,580 | ||||||
| Barrick Mining Corp. | 4,261,436 | 90,001,528 | ||||||
| CAE, Inc. * | 762,974 | 21,755,992 | ||||||
| Franco-Nevada Corp. | 306,336 | 48,797,981 | ||||||
| Imperial Oil Ltd. | 5,850,392 | 487,800,078 | ||||||
| Nutrien Ltd. | 3,011,174 | 178,622,842 | ||||||
| Power Corp. of Canada | 4,489,154 | 180,913,943 | ||||||
| Wheaton Precious Metals Corp. | 1,823,029 | 166,825,384 | ||||||
| 1,229,507,328 | ||||||||
| Chile - 0.8% | ||||||||
| Cia Cervecerias Unidas SA, ADR (c) | 9,392,572 | 110,174,870 | ||||||
| China - 3.9% | ||||||||
| Alibaba Group Holding Ltd. | 13,121,728 | 197,282,277 | ||||||
| Prosus NV | 6,044,723 | 345,309,674 | ||||||
| 542,591,951 | ||||||||
| Faroe Islands - 0.3% | ||||||||
| Bakkafrost P/F | 1,037,685 | 41,449,512 | ||||||
| Finland - 0.3% | ||||||||
| Kesko OYJ, Class B | 2,190,611 | 47,644,546 | ||||||
| France - 5.2% | ||||||||
| Danone SA | 2,781,333 | 227,615,716 | ||||||
| Laurent-Perrier (c) | 558,938 | 60,469,132 | ||||||
| Legrand SA | 807,311 | 119,245,370 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 381,682 | 204,891,504 | ||||||
| Pluxee NV | 669,814 | 13,582,707 | ||||||
| Sanofi SA | 144,312 | 12,954,997 | ||||||
| Sodexo SA | 641,855 | 38,173,371 | ||||||
| Wendel SE | 439,181 | 41,153,795 | ||||||
| 718,086,592 | ||||||||
| Germany - 3.2% | ||||||||
| Brenntag SE | 557,632 | 34,595,029 | ||||||
| FUCHS SE (Preference) | 2,212,932 | 101,264,428 | ||||||
| Henkel AG & Co. KGaA (Preference) | 1,433,672 | 110,477,532 | ||||||
| Merck KGaA | 1,656,278 | 207,009,001 | ||||||
| 453,345,990 | ||||||||
| Hong Kong - 4.4% | ||||||||
| AIA Group Ltd. | 13,725,400 | 127,977,993 | ||||||
| CK Asset Holdings Ltd. | 25,349,500 | 116,156,531 | ||||||
| Great Eagle Holdings Ltd. | 5,264,482 | 9,871,742 | ||||||
| Guoco Group Ltd. (d) | 7,806,340 | 73,687,872 | ||||||
| Hongkong Land Holdings Ltd. | 15,344,600 | 92,834,830 | ||||||
| Jardine Matheson Holdings Ltd. | 3,666,800 | 199,112,351 | ||||||
| 619,641,319 | ||||||||
| Japan - 14.9% | ||||||||
| As One Corp. | 2,847,960 | 44,754,981 | ||||||
| Chofu Seisakusho Co. Ltd. | 1,233,400 | 16,343,578 | ||||||
| Daiichikosho Co. Ltd. | 4,050,692 | 43,488,790 | ||||||
| FANUC Corp. | 6,879,600 | 191,507,163 | ||||||
| Hirose Electric Co. Ltd. | 714,830 | 89,757,734 | ||||||
| Hoshizaki Corp. | 2,960,600 | 101,379,225 | ||||||
| Kansai Paint Co. Ltd. (c) | 11,635,930 | 164,763,639 | ||||||
| Keyence Corp. | 100,400 | 36,317,838 | ||||||
| MISUMI Group, Inc. | 1,179,700 | 16,987,719 | ||||||
| Mitsubishi Electric Corp. | 9,698,800 | 218,147,787 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 7,767,100 | 165,952,489 | ||||||
| Nagaileben Co. Ltd. | 1,687,224 | 24,445,716 | ||||||
| Nihon Kohden Corp. | 5,813,600 | 63,941,188 | ||||||
| Pilot Corp. | 742,300 | 21,611,452 | ||||||
| Secom Co. Ltd. | 5,385,700 | 193,417,981 | ||||||
| Shimano, Inc. | 1,644,070 | 179,854,628 | ||||||
| SK Kaken Co. Ltd. | 437,805 | 26,361,203 | ||||||
| SMC Corp. | 541,590 | 188,458,999 | ||||||
| Sompo Holdings, Inc. | 3,779,100 | 111,434,527 | ||||||
| T Hasegawa Co. Ltd. | 1,906,436 | 39,334,956 | ||||||
| TIS, Inc. | 2,317,600 | 73,935,893 | ||||||
| USS Co. Ltd. | 3,806,100 | 41,368,092 | ||||||
| 2,053,565,578 | ||||||||
| Mexico - 2.7% | ||||||||
| Fomento Economico Mexicano SAB de CV, ADR | 2,467,172 | 223,180,379 | ||||||
| Fresnillo plc | 1,303,809 | 24,040,520 | ||||||
| Grupo Mexico SAB de CV, Series B | 8,313,852 | 52,042,554 | ||||||
| Industrias Penoles SAB de CV * | 2,124,178 | 55,989,796 | ||||||
| Wal-Mart de Mexico SAB de CV | 3,740,761 | 11,026,966 | ||||||
| 366,280,215 | ||||||||
| Netherlands - 1.4% | ||||||||
| HAL Trust | 644,459 | 91,447,434 | ||||||
| Heineken Holding NV | 1,150,489 | 77,647,843 | ||||||
| Heineken NV | 140,099 | 10,996,614 | ||||||
| 180,091,891 | ||||||||
| Norway - 1.0% | ||||||||
| Orkla ASA | 13,060,096 | 137,340,448 | ||||||
| Singapore - 2.1% | ||||||||
| Haw Par Corp. Ltd. (c) | 19,436,313 | 207,309,541 | ||||||
| UOL Group Ltd. | 15,760,500 | 83,313,098 | ||||||
| 290,622,639 | ||||||||
| South Korea - 6.7% | ||||||||
| Fursys, Inc. (c) | 872,463 | 29,032,799 | ||||||
| Hyundai Mobis Co. Ltd. | 505,396 | 106,648,565 | ||||||
| KT&G Corp. | 2,242,051 | 210,133,716 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Investments | Shares | Value ($) | ||||||
| NAVER Corp. | 569,050 | 95,768,352 | ||||||
| NongShim Co. Ltd. | 189,870 | 52,687,327 | ||||||
| Samsung Electronics Co. Ltd. | 3,413,647 | 173,973,018 | ||||||
| Samsung Electronics Co. Ltd. (Preference) | 4,008,416 | 165,044,379 | ||||||
| Samsung Life Insurance Co. Ltd. | 910,865 | 82,218,789 | ||||||
| 915,506,945 | ||||||||
| Sweden - 2.7% | ||||||||
| Industrivarden AB, Class C | 1,572,517 | 58,072,543 | ||||||
| Investor AB, Class B | 7,625,327 | 220,978,306 | ||||||
| L E Lundbergforetagen AB, Class B | 624,661 | 30,469,177 | ||||||
| Svenska Handelsbanken AB, Class A | 5,974,046 | 72,790,037 | ||||||
| 382,310,063 | ||||||||
| Switzerland - 4.6% | ||||||||
| Cie Financiere Richemont SA (Registered) | 1,491,378 | 243,506,724 | ||||||
| Nestle SA (Registered) | 1,712,170 | 149,604,417 | ||||||
| Schindler Holding AG | 568,797 | 205,697,436 | ||||||
| Schindler Holding AG (Registered) | 82,435 | 28,912,387 | ||||||
| 627,720,964 | ||||||||
| Taiwan - 2.4% | ||||||||
| Taiwan Secom Co. Ltd. | 8,545,694 | 32,353,551 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1,284,857 | 310,447,148 | ||||||
| 342,800,699 | ||||||||
| Thailand - 0.8% | ||||||||
| Bangkok Bank PCL, NVDR | 19,959,159 | 90,216,812 | ||||||
| Thai Beverage PCL | 52,214,985 | 18,645,112 | ||||||
| 108,861,924 | ||||||||
| Turkey - 0.3% | ||||||||
| AG Anadolu Grubu Holding A/S | 7,024,323 | 48,368,205 | ||||||
| United Kingdom - 14.5% | ||||||||
| BAE Systems plc | 7,905,220 | 188,623,621 | ||||||
| Berkeley Group Holdings plc | 2,512,868 | 120,848,444 | ||||||
| Big Yellow Group plc, REIT | 2,602,379 | 32,086,368 | ||||||
| British American Tobacco plc | 7,127,880 | 381,892,960 | ||||||
| Diageo plc | 2,951,126 | 71,528,096 | ||||||
| Great Portland Estates plc, REIT | 7,832,988 | 35,120,038 | ||||||
| Haleon plc | 33,065,514 | 155,099,521 | ||||||
| Lloyds Banking Group plc | 147,454,324 | 151,206,796 | ||||||
| Reckitt Benckiser Group plc | 3,583,284 | 268,552,060 | ||||||
| Shell plc | 9,919,091 | 357,445,432 | ||||||
| Unilever plc | 4,000,171 | 233,828,512 | ||||||
| 1,996,231,848 | ||||||||
| United States - 2.9% | ||||||||
| Newmont Corp. | 1,938,603 | 120,387,246 | ||||||
| Royal Gold, Inc. | 411,512 | 62,311,147 | ||||||
| Willis Towers Watson plc | 645,984 | 204,008,207 | ||||||
| 386,706,600 | ||||||||
| TOTAL COMMON STOCKS (Cost $8,114,927,917) | 12,100,932,107 | |||||||
Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 8.4% | ||||||||
| Gold bullion* (Cost $272,993,545) | 352,647 | 1,160,631,616 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| SHORT-TERM INVESTMENTS - 4.1% | ||||||||
| COMMERCIAL PAPER - 3.4% | ||||||||
| AES Corp. (The) | ||||||||
| 4.75%, 08/01/2025 (e) | 25,692,000 | 25,688,593 | ||||||
| Cargill, Inc. | ||||||||
| 4.32%, 08/01/2025 (e)(f) | 37,048,000 | 37,043,543 | ||||||
| Cencora, Inc. | ||||||||
| 4.55%, 08/01/2025 (e)(f) | 18,241,000 | 18,238,698 | ||||||
| Energy Transfer LP | ||||||||
| 4.55%, 08/01/2025 (e)(f) | 12,846,000 | 12,844,383 | ||||||
| Engie SA | ||||||||
| 4.50%, 08/27/2025 (e)(f) | 15,000,000 | 14,951,016 | ||||||
| 4.38%, 09/30/2025 (e) | 20,000,000 | 19,852,912 | ||||||
| 4.39%, 10/27/2025 (e) | 15,000,000 | 14,840,524 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 4.48%, 08/01/2025 (e)(f) | 60,890,000 | 60,882,450 | ||||||
| Global Payments, Inc. | ||||||||
| 4.88%, 08/01/2025 (e) | 12,846,000 | 12,844,252 | ||||||
| Hydro-Quebec | ||||||||
| 4.40%, 10/16/2025 (e) | 10,000,000 | 9,906,958 | ||||||
| 4.40%, 10/17/2025 (e) | 10,000,000 | 9,905,750 | ||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 4.39%, 08/29/2025 (e)(f) | 11,864,000 | 11,822,926 | ||||||
| 4.36%, 10/24/2025 (e) | 7,500,000 | 7,423,411 | ||||||
| 4.37%, 10/27/2025 (e) | 7,500,000 | 7,420,653 | ||||||
| NRW Bank | ||||||||
| 4.35%, 10/20/2021 (e)(f) | 30,000,000 | 29,708,469 | ||||||
| 4.38%, 08/15/2025 (e)(f) | 10,000,000 | 9,981,944 | ||||||
| 4.36%, 08/26/2025 (e) | 20,000,000 | 19,937,336 | ||||||
| 4.36%, 10/29/2025 (e) | 30,000,000 | 29,676,750 | ||||||
| Ontario Teachers' Finance Trust | ||||||||
| 4.37%, 08/01/2025 (e)(f) | 5,000,000 | 4,999,401 | ||||||
| Province of Quebec | ||||||||
| 4.40%, 09/02/2021 (e)(f) | 7,099,000 | 7,070,875 | ||||||
| 4.38%, 08/01/2025 (e)(f) | 5,000,000 | 4,999,403 | ||||||
| 4.37%, 08/20/2025 (e) | 10,000,000 | 9,975,978 | ||||||
| PSP Capital, Inc. | ||||||||
| 4.37%, 08/05/2025 (e)(f) | 5,000,000 | 4,997,002 | ||||||
| 4.38%, 08/19/2025 (e)(f) | 15,000,000 | 14,966,007 | ||||||
| 4.38%, 09/03/2025 (e)(f) | 15,000,000 | 14,938,885 | ||||||
| 4.36%, 11/04/2025 (e)(f) | 15,000,000 | 14,827,280 |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Investments | Principal | Value ($) | ||||||
| Sanofi SA | ||||||||
| 4.40%, 08/28/2025 (e)(f) | 9,887,000 | 9,853,709 | ||||||
| TotalEnergies Capital SA | ||||||||
| 4.41%, 09/29/2025 (e) | 30,000,000 | 29,781,000 | ||||||
| TOTAL COMMERCIAL PAPER (Cost $469,437,593) | 469,380,108 | |||||||
| U.S. TREASURY OBLIGATIONS - 0.6% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.23%, 08/07/2025 (e) | 15,000,000 | 14,989,329 | ||||||
| 4.16%, 09/18/2025 (e) | 15,000,000 | 14,914,718 | ||||||
| 4.07%, 10/02/2025 (e)(g) | 22,500,000 | 22,335,348 | ||||||
| 3.90%, 10/30/2025 (e)(g) | 15,000,000 | 14,841,019 | ||||||
| 4.18%, 11/13/2025 (e) | 15,000,000 | 14,818,130 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $81,933,285) | 81,898,544 | |||||||
Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.1% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (h) (Cost $13,869,562) | 13,869,562 | 13,869,562 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $565,240,440) | 565,148,214 | |||||||
| Total Investments - 100.2% (Cost $8,953,161,902) | 13,826,711,937 | |||||||
| Liabilities in excess of other assets - (0.2)% | (26,117,219 | ) | ||||||
| Net Assets - 100.0% | 13,800,594,718 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $18,649,326, which represents approximately 0.14% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| Legris Industries SA | 04/30/2004 | $ | 23,433,066 | $ | 20.60 | |||||
| (b) | Security fair valued as of July 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2025 amounted to $18,649,326, which represents approximately 0.14% of net assets of the Fund. |
| (c) | Affiliated company as defined under the Investment Company Act of 1940. |
| (d) | Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at July 31, 2025 amounted to $73,687,872, which represents approximately 0.53% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| Guoco Group Ltd. | 10/21/2003 - 09/15/2009 | $ | 57,283,838 | $ | 9.44 | |||||
| (e) | The rate shown was the current yield as of July 31, 2025. |
| (f) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $272,125,991, which represents approximately 1.97% of net assets of the Fund. |
| (g) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
| (h) | Represents 7-day effective yield as of July 31, 2025. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2025
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||
| USD | 41,000,694 | EUR | 35,014,000 | Bank of New York Mellon | 08/06/2025 | $ | 1,037,455 | |||||||||
| USD | 52,055,324 | JPY | 7,719,336,000 | Bank of New York Mellon | 08/06/2025 | 853,331 | ||||||||||
| USD | 132,576,528 | EUR | 114,862,000 | Goldman Sachs | 09/03/2025 | 1,226,318 | ||||||||||
| USD | 32,318,796 | GBP | 24,188,000 | Goldman Sachs | 09/03/2025 | 365,263 | ||||||||||
| USD | 47,717,724 | JPY | 6,730,585,000 | Goldman Sachs | 09/03/2025 | 2,931,147 | ||||||||||
| USD | 22,564,119 | EUR | 19,180,000 | JPMorgan Chase Bank | 10/01/2025 | 587,619 | ||||||||||
| USD | 31,198,522 | GBP | 23,144,000 | JPMorgan Chase Bank | 10/01/2025 | 615,264 | ||||||||||
| USD | 57,876,119 | JPY | 8,247,318,000 | JPMorgan Chase Bank | 10/01/2025 | 2,813,502 | ||||||||||
| USD | 134,532,607 | EUR | 114,862,000 | UBS AG | 11/05/2025 | 2,629,933 | ||||||||||
| USD | 48,544,506 | JPY | 6,978,729,000 | UBS AG | 11/05/2025 | 1,777,551 | ||||||||||
| USD | 125,316,380 | EUR | 108,348,000 | Bank of New York Mellon | 12/03/2025 | 664,758 | ||||||||||
| USD | 64,850,600 | JPY | 9,536,378,000 | Bank of New York Mellon | 12/03/2025 | 748,364 | ||||||||||
| Total unrealized appreciation | 16,250,505 | |||||||||||||||
| EUR | 114,862,000 | USD | 131,850,090 | Bank of New York Mellon | 08/06/2025 | (752,313 | ) | |||||||||
| JPY | 7,719,336,000 | USD | 51,852,865 | Bank of New York Mellon | 08/06/2025 | (650,872 | ) | |||||||||
| USD | 86,779,685 | EUR | 79,848,000 | Bank of New York Mellon | 08/06/2025 | (4,354,853 | ) | |||||||||
| USD | 109,121,015 | EUR | 95,682,000 | JPMorgan Chase Bank | 10/01/2025 | (511,701 | ) | |||||||||
| Total unrealized depreciation | (6,269,739 | ) | ||||||||||||||
| Net unrealized appreciation | $ | 9,980,766 | ||||||||||||||
| Abbreviations | |
| ADR | American Depositary Receipt |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NVDR | Non-Voting Depositary Receipt |
| OYJ | Public Limited Company |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Aerospace & Defense | 1.5 | % | ||
| Automobile Components | 0.8 | |||
| Banks | 3.0 | |||
| Beverages | 5.3 | |||
| Broadline Retail | 3.9 | |||
| Chemicals | 3.7 | |||
| Commercial Services & Supplies | 2.0 | |||
| Commodities | 8.4 | |||
| Consumer Staples Distribution & Retail | 0.4 | |||
| Electrical Equipment | 2.5 | |||
| Electronic Equipment, Instruments & Components | 0.9 | |||
| Entertainment | 0.3 | |||
| Financial Services | 4.9 | |||
| Food Products | 4.4 | |||
| Health Care Equipment & Supplies | 0.7 | |||
| Health Care Providers & Services | 0.3 | |||
| Hotels, Restaurants & Leisure | 0.3 | |||
| Household Durables | 1.0 | |||
| Household Products | 2.7 | |||
| Industrial Conglomerates | 2.2 | |||
| Insurance | 6.3 | |||
| Interactive Media & Services | 0.7 | |||
| IT Services | 0.5 | |||
| Leisure Products | 1.3 | |||
| Machinery | 5.4 | |||
| Metals & Mining | 5.1 | |||
| Office REITs | 0.3 | |||
| Oil, Gas & Consumable Fuels | 6.1 | |||
| Personal Care Products | 1.7 | |||
| Pharmaceuticals | 4.2 | |||
| Real Estate Management & Development | 2.2 | |||
| Semiconductors & Semiconductor Equipment | 2.2 | |||
| Specialized REITs | 0.2 | |||
| Specialty Retail | 0.3 | |||
| Technology Hardware, Storage & Peripherals | 2.5 | |||
| Textiles, Apparel & Luxury Goods | 3.3 | |||
| Tobacco | 4.3 | |||
| Trading Companies & Distributors | 0.3 | |||
| Short-Term Investments | 4.1 | |||
| Total Investments | 100.2 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Affiliated Securities
| Security Description | Market
Value October 31, 2024 | Purchases
at Cost | Proceeds
from Sales | Net
Realized Gains (Loss) | Change
in Unrealized Appreciation/Depreciation | Market
Value July 31, 2025 | Shares
at July 31, 2025 | Dividend Income | ||||||||||||||||||||||||
| Common Stocks 4.5% | ||||||||||||||||||||||||||||||||
| Belgium 0.1% | ||||||||||||||||||||||||||||||||
| Legris Industries SA*‡(a)(b) | $ | 22,955,965 | $ | — | $ | — | $ | — | $ | (4,306,639 | ) | $ | 18,649,326 | 905,366 | $ | — | ||||||||||||||||
| Chile 0.8% | ||||||||||||||||||||||||||||||||
| Cia Cervecerias Unidas SA, ADR | 101,909,406 | — | — | — | 8,265,464 | 110,174,870 | 9,392,572 | 3,045,262 | ||||||||||||||||||||||||
| France 0.4% | ||||||||||||||||||||||||||||||||
| Laurent-Perrier | 61,102,473 | — | — | — | (633,341 | ) | 60,469,132 | 558,938 | 1,174,697 | |||||||||||||||||||||||
| Japan 1.5% | ||||||||||||||||||||||||||||||||
| Daiichikosho Co. Ltd.^ | 71,632,170 | — | (18,819,023 | ) | (3,491,313 | ) | (5,833,044 | ) | 43,488,790 | 4,050,692 | 899,189 | |||||||||||||||||||||
| Kansai Paint Co. Ltd.^^ | 142,088,475 | 40,855,061 | — | — | (18,179,897 | ) | 164,763,639 | 11,635,930 | 1,970,104 | |||||||||||||||||||||||
| 213,720,645 | 40,855,061 | (18,819,023 | ) | (3,491,313 | ) | (24,012,941 | ) | 208,252,429 | 15,686,622 | 2,869,293 | ||||||||||||||||||||||
| Singapore 1.5% | ||||||||||||||||||||||||||||||||
| Haw Par Corp. Ltd. | 157,504,310 | — | — | — | 49,805,231 | 207,309,541 | 19,436,313 | 18,080,291 | ||||||||||||||||||||||||
| South Korea 0.2% | ||||||||||||||||||||||||||||||||
| Fursys, Inc. | 26,431,518 | — | — | — | 2,601,281 | 29,032,799 | 872,463 | 554,910 | ||||||||||||||||||||||||
| Total Common Stocks | 583,624,317 | 40,855,061 | (18,819,023 | ) | (3,491,313 | ) | 31,719,055 | 633,888,097 | 46,852,274 | 25,724,453 | ||||||||||||||||||||||
| Total | $ | 583,624,317 | $ | 40,855,061 | $ | (18,819,023 | ) | $ | (3,491,313 | ) | $ | 31,719,055 | $ | 633,888,097 | 46,852,274 | $ | 25,724,453 | |||||||||||||||
| * | Non-income producing security. |
‡ |
Value determined using significant unobservable inputs. |
| ^ | Represents an unaffiliated issuer as of July 31, 2025. |
| ^^ | Represents an unaffiliated issuer as of October 31, 2024. |
| (a) | Security fair valued as of July 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2025 amounted to $18,649,326, which represents approximately 0.14% of net assets of the Fund. |
| (b) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $18,649,326, which represents approximately 0.14% of net assets of the Fund. |
First Eagle U.S. Fund (formerly named First Eagle U.S. Value Fund)
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 73.7% | ||||||||
| Air Freight & Logistics - 4.1% | ||||||||
| CH Robinson Worldwide, Inc. | 328,757 | 37,912,257 | ||||||
| Expeditors International of Washington, Inc. | 195,594 | 22,735,847 | ||||||
| 60,648,104 | ||||||||
| Banks - 1.0% | ||||||||
| US Bancorp | 330,658 | 14,866,384 | ||||||
| Building Products - 0.4% | ||||||||
| Carlisle Cos., Inc. | 15,235 | 5,404,007 | ||||||
| Capital Markets - 2.6% | ||||||||
| Bank of New York Mellon Corp. (The) | 380,604 | 38,612,276 | ||||||
| Chemicals - 2.8% | ||||||||
| International Flavors & Fragrances, Inc. | 145,020 | 10,300,771 | ||||||
| Nutrien Ltd. (Canada) | 238,370 | 14,140,108 | ||||||
| PPG Industries, Inc. | 154,630 | 16,313,465 | ||||||
| RPM International, Inc. | 7,729 | 907,462 | ||||||
| 41,661,806 | ||||||||
| Consumer Finance - 1.2% | ||||||||
| American Express Co. | 58,719 | 17,575,184 | ||||||
| Consumer Staples Distribution & Retail - 1.2% | ||||||||
| Dollar General Corp. | 167,072 | 17,525,853 | ||||||
| Electronic Equipment, Instruments & Components - 1.0% | ||||||||
| IPG Photonics Corp. * | 186,242 | 13,947,663 | ||||||
| Energy Equipment & Services - 2.7% | ||||||||
| Noble Corp. plc | 375,505 | 10,067,289 | ||||||
| NOV, Inc. | 1,034,361 | 13,012,261 | ||||||
| Schlumberger NV | 486,530 | 16,444,714 | ||||||
| 39,524,264 | ||||||||
| Entertainment - 0.8% | ||||||||
| Walt Disney Co. (The) | 93,652 | 11,154,890 | ||||||
| Financial Services - 1.0% | ||||||||
| Berkshire Hathaway, Inc., Class A * | 20 | 14,397,000 | ||||||
| Food Products - 0.2% | ||||||||
| Kraft Heinz Co. (The) | 76,691 | 2,105,935 | ||||||
| Health Care Equipment & Supplies - 5.3% | ||||||||
| Becton Dickinson & Co. | 259,544 | 46,263,718 | ||||||
| Dentsply Sirona, Inc. | 503,680 | 7,207,661 | ||||||
| Medtronic plc | 276,170 | 24,921,581 | ||||||
| 78,392,960 | ||||||||
| Health Care Providers & Services - 7.2% | ||||||||
| Elevance Health, Inc. | 111,899 | 31,676,369 | ||||||
| HCA Healthcare, Inc. | 129,738 | 45,925,955 | ||||||
| Universal Health Services, Inc., Class B | 170,425 | 28,367,241 | ||||||
| 105,969,565 | ||||||||
| Household Products - 2.1% | ||||||||
| Colgate-Palmolive Co. | 365,303 | 30,630,656 | ||||||
| Insurance - 2.5% | ||||||||
| Fidelity National Financial, Inc. | 158,855 | 8,964,187 | ||||||
| Willis Towers Watson plc | 88,365 | 27,906,551 | ||||||
| 36,870,738 | ||||||||
| Interactive Media & Services - 9.0% | ||||||||
| Alphabet, Inc., Class A | 126,759 | 24,325,052 | ||||||
| Alphabet, Inc., Class C | 202,083 | 38,973,727 | ||||||
| Meta Platforms, Inc., Class A | 89,616 | 69,312,599 | ||||||
| 132,611,378 | ||||||||
| Life Sciences Tools & Services - 0.9% | ||||||||
| Bio-Rad Laboratories, Inc., Class A * | 56,329 | 13,628,801 | ||||||
| Machinery - 2.4% | ||||||||
| Cummins, Inc. | 55,552 | 20,422,026 | ||||||
| Deere & Co. | 20,543 | 10,772,133 | ||||||
| Flowserve Corp. | 75,778 | 4,246,599 | ||||||
| 35,440,758 | ||||||||
| Media - 3.2% | ||||||||
| Charter Communications, Inc., Class A * | 21,433 | 5,773,193 | ||||||
| Comcast Corp., Class A | 1,020,363 | 33,906,663 | ||||||
| Omnicom Group, Inc. | 100,588 | 7,247,365 | ||||||
| 46,927,221 | ||||||||
| Metals & Mining - 2.9% | ||||||||
| Agnico Eagle Mines Ltd. (Canada) | 48,620 | 6,035,744 | ||||||
| Barrick Mining Corp. (Canada) | 500,107 | 10,562,260 | ||||||
| Franco-Nevada Corp. (Canada) | 29,128 | 4,639,963 | ||||||
| Newmont Corp. | 259,404 | 16,108,988 | ||||||
| Royal Gold, Inc. | 36,122 | 5,469,593 | ||||||
| 42,816,548 | ||||||||
| Office REITs - 0.8% | ||||||||
| BXP, Inc., REIT | 102,688 | 6,718,876 | ||||||
| Douglas Emmett, Inc., REIT | 359,380 | 5,448,201 | ||||||
| 12,167,077 | ||||||||
| Oil, Gas & Consumable Fuels - 3.5% | ||||||||
| Exxon Mobil Corp. | 269,349 | 30,070,122 | ||||||
| ONEOK, Inc. | 252,943 | 20,769,150 | ||||||
| 50,839,272 | ||||||||
| Residential REITs - 1.3% | ||||||||
| Equity Residential, REIT | 296,839 | 18,760,225 | ||||||
| Semiconductors & Semiconductor Equipment - 2.4% | ||||||||
| Analog Devices, Inc. | 66,103 | 14,848,717 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Fund (formerly named First Eagle U.S. Value Fund)
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Texas Instruments, Inc. | 116,050 | 21,012,013 | ||||||
| 35,860,730 | ||||||||
| Software - 6.9% | ||||||||
| Microsoft Corp. | 20,091 | 10,718,549 | ||||||
| Oracle Corp. | 258,233 | 65,531,788 | ||||||
| Salesforce, Inc. | 96,887 | 25,028,819 | ||||||
| 101,279,156 | ||||||||
| Specialized REITs - 1.1% | ||||||||
| Extra Space Storage, Inc., REIT | 42,904 | 5,764,581 | ||||||
| Weyerhaeuser Co., REIT | 401,701 | 10,062,610 | ||||||
| 15,827,191 | ||||||||
| Specialty Retail - 0.4% | ||||||||
| Ross Stores, Inc. | 38,745 | 5,290,242 | ||||||
| Tobacco - 2.6% | ||||||||
| Philip Morris International, Inc. | 232,098 | 38,075,677 | ||||||
| Trading Companies & Distributors - 0.2% | ||||||||
| Ferguson Enterprises, Inc. | 15,912 | 3,553,627 | ||||||
| TOTAL COMMON STOCKS (Cost $629,343,255) | 1,082,365,188 | |||||||
| Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 12.0% | ||||||||
| Gold bullion* (Cost $53,299,636) | 53,402 | 175,757,186 | ||||||
| Investments | Shares | Value ($) | ||||||
| MASTER LIMITED PARTNERSHIPS - 1.7% | ||||||||
| Oil, Gas & Consumable Fuels - 1.7% | ||||||||
| Enterprise Products Partners LP (Cost $17,301,746) | 791,505 | 24,528,740 | ||||||
| Investments | Principal | Value ($) | ||||||
| CORPORATE BONDS - 1.3% | ||||||||
| Banks - 0.1% | ||||||||
| Manufacturers & Traders Trust Co. | ||||||||
| 4.65%, 01/27/2026 | 1,205,000 | 1,204,861 | ||||||
| Energy Equipment & Services - 0.2% | ||||||||
| Noble Finance II LLC | ||||||||
| 8.00%, 04/15/2030 (a) | 2,725,000 | 2,779,410 | ||||||
| Financial Services - 0.4% | ||||||||
| Mexico Remittances Funding Fiduciary Estate Management Sarl | ||||||||
| 12.50%, 10/15/2031 ‡(a) | 5,500,000 | 5,540,700 | ||||||
| Health Care Equipment & Supplies - 0.2% | ||||||||
| Bausch & Lomb, Inc. | ||||||||
| 7.13%, 08/01/2028 ‡ | 600,000 | 574,500 | ||||||
| Embecta Corp. | ||||||||
| 5.00%, 02/15/2030 (a) | 3,000,000 | 2,720,837 | ||||||
| 3,295,337 | ||||||||
| Machinery - 0.1% | ||||||||
| Roller Bearing Co. of America, Inc. | ||||||||
| 4.38%, 10/15/2029 (a) | 1,490,000 | 1,432,838 | ||||||
| Oil, Gas & Consumable Fuels - 0.3% | ||||||||
| Enterprise Products Operating LLC | ||||||||
| Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (b) | 2,600,000 | 2,571,106 | ||||||
| (CME Term SOFR 3 Month + 2.83%), 5.38%, 02/15/2078 (b) | 2,750,000 | 2,715,095 | ||||||
| 5,286,201 | ||||||||
| TOTAL CORPORATE BONDS (Cost $19,065,002) | 19,539,347 | |||||||
| Investments | Principal | Value ($) | ||||||
| CONVERTIBLE PREFERRED STOCKS - 0.4% | ||||||||
| Banks - 0.4% | ||||||||
| Bank of America Corp. | ||||||||
| Series L, 7.25% (c) (Cost $5,693,463) | 4,250 | 5,185,000 | ||||||
| Investments | Shares | Value ($) | ||||||
| PREFERRED STOCKS - 0.2% | ||||||||
| Banks - 0.2% | ||||||||
| US Bancorp, Series A(CME Term SOFR 3 Month + 1.28%), 5.60%, 04/12/23 (b)(c) | 1,600 | 1,334,400 | ||||||
| US Bancorp, Series B(CME Term SOFR 3 Month + 0.86%), 5.18%, 03/07/24 (b)(c) | 64,000 | 1,318,400 | ||||||
| 2,652,800 | ||||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Fund (formerly named First Eagle U.S. Value Fund)
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal | Value ($) | ||||||
| SHORT-TERM INVESTMENTS - 10.8% | ||||||||
| COMMERCIAL PAPER - 6.1% | ||||||||
| AES Corp. (The) | ||||||||
| 4.75%, 08/1/2025(d) | 7,869,000 | 7,867,956 | ||||||
| Apple, Inc. | ||||||||
| 4.30%, 08/4/2025(a)(d) | 5,000,000 | 4,997,609 | ||||||
| 4.35%, 09/15/2025(a)(d) | 8,000,000 | 7,955,942 | ||||||
| Cargill, Inc. | ||||||||
| 4.32%, 08/1/2025(a)(d) | 11,347,000 | 11,345,635 | ||||||
| Cencora, Inc. | ||||||||
| 4.55%, 08/1/2025(a)(d) | 5,587,000 | 5,586,295 | ||||||
| Energy Transfer LP | ||||||||
| 4.55%, 08/1/2025(a)(d) | 3,934,000 | 3,933,505 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 4.48%, 08/1/2025(a)(d) | 18,649,000 | 18,646,687 | ||||||
| Global Payments, Inc. | ||||||||
| 4.88%, 08/1/2025(d) | 3,934,000 | 3,933,465 | ||||||
| Honeywell International, Inc. | ||||||||
| 4.46%, 10/14/2025(a)(d) | 13,000,000 | 12,881,645 | ||||||
| Johnson & Johnson | ||||||||
| 4.32%, 10/23/2025(d) | 13,000,000 | 12,869,324 | ||||||
| TOTAL COMMERCIAL PAPER (Cost $90,029,403) | 90,018,063 | |||||||
| Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.3% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (e) (Cost $4,291,793) | 4,291,793 | 4,291,793 | ||||||
| Investments | Principal | Value ($) | ||||||
| U.S. TREASURY OBLIGATIONS - 4.4% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.23%, 08/7/2025(d) | 5,000,000 | 4,996,443 | ||||||
| 4.19%, 09/18/2025(d) | 5,000,000 | 4,971,573 | ||||||
| 4.09%, 10/2/2025(d) | 10,000,000 | 9,926,821 | ||||||
| 4.12%, 10/16/2025(d) | 15,000,000 | 14,865,775 | ||||||
| 4.16%, 10/30/2025(d) | 15,000,000 | 14,841,019 | ||||||
| 4.18%, 11/13/2025(d) | 15,000,000 | 14,818,130 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $64,442,365) | 64,419,761 | |||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $158,763,561) | 158,729,617 | |||||||
| Total Investments - 100.1% (Cost $886,225,318) | 1,468,757,878 | |||||||
| Liabilities in excess of other assets - (0.1%) | (920,420 | ) | ||||||
| Net Assets - 100.0% | 1,467,837,458 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $77,821,103, which represents approximately 5.30% of net assets of the Fund. |
| (b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2025. |
| (c) | Perpetual security. The rate reflected was the rate in effect on July 31, 2025. The maturity date reflects the next call date. |
| (d) | The rate shown was the current yield as of July 31, 2025. |
| (e) | Represents 7-day effective yield as of July 31, 2025. |
| Abbreviations | |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Fund (formerly named First Eagle U.S. Value Fund)
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Air Freight & Logistics | 4.1 | % | ||
| Banks | 1.7 | |||
| Building Products | 0.4 | |||
| Capital Markets | 2.6 | |||
| Chemicals | 2.8 | |||
| Commodities | 12.0 | |||
| Consumer Finance | 1.2 | |||
| Consumer Staples Distribution & Retail | 1.2 | |||
| Electronic Equipment,Instruments & Components | 1.0 | |||
| Energy Equipment & Services | 2.9 | |||
| Entertainment | 0.8 | |||
| Financial Services | 1.4 | |||
| Food Products | 0.2 | |||
| Health Care Equipment & Supplies | 5.5 | |||
| Health Care Providers & Services | 7.2 | |||
| Household Products | 2.1 | |||
| Insurance | 2.5 | |||
| Interactive Media & Services | 9.0 | |||
| Life Sciences Tools & Services | 0.9 | |||
| Machinery | 2.5 | |||
| Media | 3.2 | |||
| Metals & Mining | 2.9 | |||
| Office REITs | 0.8 | |||
| Oil, Gas & Consumable Fuels | 5.5 | |||
| Residential REITs | 1.3 | |||
| Semiconductors & Semiconductor Equipment | 2.4 | |||
| Software | 6.9 | |||
| Specialized REITs | 1.1 | |||
| Specialty Retail | 0.4 | |||
| Tobacco | 2.6 | |||
| Trading Companies & Distributors | 0.2 | |||
| Short-Term Investments | 10.8 | |||
| Total Investments | 100.1 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 75.6% | ||||||||
| Australia - 5.5% | ||||||||
| Northern Star Resources Ltd. | 16,666,413 | 165,586,324 | ||||||
| Ora Banda Mining Ltd. * | 76,767,386 | 31,819,493 | ||||||
| 197,405,817 | ||||||||
| Canada - 52.8% | ||||||||
| Agnico Eagle Mines Ltd. | 2,132,360 | 264,713,657 | ||||||
| Alamos Gold, Inc., Class A | 6,016,287 | 146,195,427 | ||||||
| B2Gold Corp. | 12,416,427 | 41,758,480 | ||||||
| Barrick Mining Corp. | 6,944,076 | 146,658,885 | ||||||
| Dundee Precious Metals, Inc. (a) | 10,828,252 | 175,052,573 | ||||||
| Franco-Nevada Corp. | 1,040,599 | 165,762,855 | ||||||
| G Mining Ventures Corp. * | 7,272,273 | 85,235,070 | ||||||
| Kinross Gold Corp. | 10,998,600 | 175,977,600 | ||||||
| MAG Silver Corp. (a) | 7,541,500 | 153,812,637 | ||||||
| Novagold Resources, Inc. * | 11,605,630 | 60,233,220 | ||||||
| Orla Mining Ltd. * | 6,549,227 | 60,973,606 | ||||||
| Wheaton Precious Metals Corp. | 4,773,406 | 436,814,383 | ||||||
| 1,913,188,393 | ||||||||
| Mexico - 1.8% | ||||||||
| Fresnillo plc | 1,477,558 | 27,244,222 | ||||||
| Industrias Penoles SAB de CV * | 1,403,600 | 36,996,560 | ||||||
| 64,240,782 | ||||||||
| South Africa - 2.3% | ||||||||
| Gold Fields Ltd., ADR | 3,435,881 | 83,698,061 | ||||||
| United Kingdom - 2.5% | ||||||||
| Anglogold Ashanti plc | 1,984,617 | 91,788,536 | ||||||
| United States - 10.7% | ||||||||
| Newmont Corp. | 4,060,970 | 252,186,237 | ||||||
| Royal Gold, Inc. | 891,278 | 134,957,315 | ||||||
| 387,143,552 | ||||||||
| TOTAL COMMON STOCKS (Cost $1,215,679,623) | 2,737,465,141 | |||||||
Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 18.5% | ||||||||
| Gold bullion* | 116,393 | 383,071,489 | ||||||
| Silver bullion* | 7,857,300 | 288,259,187 | ||||||
| TOTAL COMMODITIES (Cost $424,159,632) | 671,330,676 | |||||||
Investments | Number
of | Value ($) | ||||||
| RIGHTS - 0.1% | ||||||||
| Canada - 0.1% | ||||||||
| Pan American Silver Corp., CVR, expiring 02/22/2029* (Cost $45,973,715) | 6,835,667 | 1,606,382 | ||||||
Investments | Principal | Value ($) | ||||||
| SHORT-TERM INVESTMENTS - 4.9% | ||||||||
| COMMERCIAL PAPER - 4.5% | ||||||||
| AES Corp. (The) | ||||||||
| 4.75%, 08/01/2025 (b) | 25,107,000 | 25,103,671 | ||||||
| Cargill, Inc. | ||||||||
| 4.32%, 08/01/2025 (b)(c) | 36,204,000 | 36,199,645 | ||||||
| Cencora, Inc. | ||||||||
| 4.55%, 08/01/2025 (b)(c) | 17,826,000 | 17,823,750 | ||||||
| Energy Transfer LP | ||||||||
| 4.55%, 08/01/2025 (b)(c) | 12,554,000 | 12,552,419 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 4.48%, 08/01/2025 (b)(c) | 59,504,000 | 59,496,622 | ||||||
| Global Payments, Inc. | ||||||||
| 4.88%, 08/01/2025 (b) | 12,554,000 | 12,552,291 | ||||||
| TOTAL COMMERCIAL PAPER (Cost $163,749,000) | 163,728,398 | |||||||
Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.4% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (d) (Cost $13,660,195) | 13,660,195 | 13,660,195 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $177,409,195) | 177,388,593 | |||||||
| Total Investments - 99.1% (Cost $1,863,222,165) | 3,587,790,792 | |||||||
| Other assets less liabilities - 0.9% | 34,199,676 | |||||||
| Net Assets - 100.0% | 3,621,990,468 | |||||||
| * | Non-income producing security. |
| (a) | Affiliated company as defined under the Investment Company Act of 1940. |
| (b) | The rate shown was the current yield as of July 31, 2025. |
| (c) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $126,072,436, which represents approximately 3.48% of net assets of the Fund. |
| (d) | Represents 7-day effective yield as of July 31, 2025. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Commodities | 18.5 | % | ||
| Metals & Mining | 75.7 | |||
| Short-Term Investments | 4.9 | |||
| Total Investments | 99.1 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)
| Affiliated Securities | ||||||||||||||||||||||||||||||||
| Security Description | Market Value October 31, 2024 | Purchases
at Cost | Proceeds from Sales | Net Realized Gains (Loss) | Change in Unrealized Appreciation/ Depreciation | Market Value July 31, 2025 | Shares at July 31, 2025 | Dividend Income | ||||||||||||||||||||||||
| Common Stocks 10.7% | ||||||||||||||||||||||||||||||||
| Canada 10.7% | ||||||||||||||||||||||||||||||||
| Dundee Precious Metals, Inc. | $ | 138,413,886 | $ | — | $ | (39,888,897 | ) | $ | 23,525,854 | $ | 53,001,730 | $ | 175,052,573 | 10,828,252 | $ | 1,298,397 | ||||||||||||||||
| MAG Silver Corp. | 108,160,763 | 19,713,191 | — | — | 25,938,683 | 153,812,637 | 7,541,500 | 2,435,905 | ||||||||||||||||||||||||
| Novagold Resources, Inc.*^ | 87,830,560 | 6,464,063 | (48,074,882 | ) | (40,694,760 | ) | 54,708,239 | 60,233,220 | 11,605,630 | — | ||||||||||||||||||||||
| 334,405,209 | 26,177,254 | (87,963,779 | ) | (17,168,906 | ) | 133,648,652 | 389,098,430 | 29,975,382 | 3,734,302 | |||||||||||||||||||||||
| Total Common Stocks | 334,405,209 | 26,177,254 | (87,963,779 | ) | (17,168,906 | ) | 133,648,652 | 389,098,430 | 29,975,382 | 3,734,302 | ||||||||||||||||||||||
| Total | $ | 334,405,209 | $ | 26,177,254 | $ | (87,963,779 | ) | $ | (17,168,906 | ) | $ | 133,648,652 | $ | 389,098,430 | 29,975,382 | $ | 3,734,302 | |||||||||||||||
| * | Non-income producing security. |
| ^ | Represents an unaffiliated issuer as of July 31, 2025. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 63.3% | ||||||||
| Brazil - 1.7% | ||||||||
| Ambev SA, ADR | 9,345,635 | 20,373,484 | ||||||
| Itausa SA (Preference) | 6,681,290 | 12,349,448 | ||||||
| 32,722,932 | ||||||||
| Canada - 5.2% | ||||||||
| Agnico Eagle Mines Ltd. | 16,806 | 2,086,316 | ||||||
| Barrick Mining Corp. | 90,496 | 1,911,276 | ||||||
| Franco-Nevada Corp. (a) | 20,862 | 3,323,942 | ||||||
| Franco-Nevada Corp. | 42,649 | 6,793,799 | ||||||
| Imperial Oil Ltd. | 238,922 | 19,921,087 | ||||||
| Nutrien Ltd. (a) | 175,280 | 10,397,610 | ||||||
| Power Corp. of Canada | 797,956 | 32,157,811 | ||||||
| Wheaton Precious Metals Corp. (a) | 281,516 | 25,761,529 | ||||||
| 102,353,370 | ||||||||
| Chile - 1.2% | ||||||||
| Cia Cervecerias Unidas SA, ADR | 1,327,830 | 15,575,446 | ||||||
| Quinenco SA | 2,083,758 | 8,033,933 | ||||||
| 23,609,379 | ||||||||
| China - 0.3% | ||||||||
| Budweiser Brewing Co. APAC Ltd. (b) | 4,909,800 | 5,154,030 | ||||||
| Finland - 0.4% | ||||||||
| Kesko OYJ, Class B | 318,997 | 6,938,004 | ||||||
| France - 0.7% | ||||||||
| Danone SA | 91,535 | 7,490,942 | ||||||
| Sanofi SA | 18,343 | 1,646,665 | ||||||
| Sodexo SA | 58,674 | 3,489,549 | ||||||
| Wendel SE | 19,995 | 1,873,647 | ||||||
| 14,500,803 | ||||||||
| Germany - 1.0% | ||||||||
| FUCHS SE (Preference) | 318,042 | 14,553,696 | ||||||
| Henkel AG & Co. KGaA (Preference) | 56,692 | 4,368,637 | ||||||
| 18,922,333 | ||||||||
| Hong Kong - 4.4% | ||||||||
| CK Asset Holdings Ltd. | 2,483,000 | 11,377,608 | ||||||
| Hongkong Land Holdings Ltd. | 4,334,700 | 26,224,935 | ||||||
| Jardine Matheson Holdings Ltd. | 868,600 | 47,166,190 | ||||||
| Mandarin Oriental International Ltd. | 1,047,200 | 2,073,456 | ||||||
| 86,842,189 | ||||||||
| Japan - 2.8% | ||||||||
| FANUC Corp. | 347,200 | 9,664,993 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 189,700 | 4,053,145 | ||||||
| Nagaileben Co. Ltd. | 22,700 | 328,894 | ||||||
| Secom Co. Ltd. | 353,400 | 12,691,742 | ||||||
| Shimano, Inc. | 108,300 | 11,847,583 | ||||||
| SMC Corp. | 11,200 | 3,897,304 | ||||||
| Sompo Holdings, Inc. | 204,800 | 6,038,949 | ||||||
| Subaru Corp. | 57,300 | 1,054,081 | ||||||
| USS Co. Ltd. | 429,800 | 4,671,450 | ||||||
| 54,248,141 | ||||||||
| Mexico - 2.8% | ||||||||
| Coca-Cola Femsa SAB de CV, ADR | 196,999 | 16,358,797 | ||||||
| Fomento Economico Mexicano SAB de CV, ADR | 211,291 | 19,113,384 | ||||||
| GMexico Transportes SAB de CV (b) | 1,901,378 | 3,275,631 | ||||||
| Grupo Mexico SAB de CV, Series B | 2,455,064 | 15,368,063 | ||||||
| 54,115,875 | ||||||||
| Netherlands - 0.9% | ||||||||
| HAL Trust | 40,521 | 5,749,848 | ||||||
| Heineken Holding NV | 159,417 | 10,759,239 | ||||||
| Heineken NV | 13,745 | 1,078,869 | ||||||
| 17,587,956 | ||||||||
| Norway - 0.9% | ||||||||
| Orkla ASA | 1,753,522 | 18,440,102 | ||||||
| Singapore - 0.8% | ||||||||
| United Overseas Bank Ltd. | 386,000 | 10,724,137 | ||||||
| UOL Group Ltd. | 764,200 | 4,039,711 | ||||||
| 14,763,848 | ||||||||
| South Korea - 4.2% | ||||||||
| KT&G Corp. | 410,945 | 38,515,359 | ||||||
| Samsung Electronics Co. Ltd. | 317,526 | 16,182,387 | ||||||
| Samsung Electronics Co. Ltd. (Preference) | 372,602 | 15,341,688 | ||||||
| Samsung Life Insurance Co. Ltd. | 143,349 | 12,939,328 | ||||||
| 82,978,762 | ||||||||
| Sweden - 0.6% | ||||||||
| Svenska Handelsbanken AB, Class A | 996,753 | 12,144,816 | ||||||
| Switzerland - 4.5% | ||||||||
| Cie Financiere Richemont SA (Registered) | 168,707 | 27,545,859 | ||||||
| Nestle SA (Registered) | 430,180 | 37,587,873 | ||||||
| Schindler Holding AG | 55,939 | 20,229,553 | ||||||
| Schindler Holding AG (Registered) | 7,544 | 2,645,903 | ||||||
| 88,009,188 | ||||||||
| Taiwan - 0.7% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (a) | 59,403 | 14,352,953 | ||||||
| Thailand - 0.8% | ||||||||
| Bangkok Bank PCL, NVDR | 2,026,300 | 9,159,019 | ||||||
| Thai Beverage PCL | 17,954,100 | 6,411,114 | ||||||
| 15,570,133 | ||||||||
| United Kingdom - 10.2% | ||||||||
| BAE Systems plc | 484,359 | 11,557,117 | ||||||
| Berkeley Group Holdings plc | 214,849 | 10,332,484 | ||||||
| British American Tobacco plc | 1,307,848 | 70,071,037 | ||||||
| Diageo plc | 304,273 | 7,374,835 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Great Portland Estates plc, REIT | 523,564 | 2,347,455 | ||||||
| Haleon plc | 4,109,584 | 19,276,716 | ||||||
| Lloyds Banking Group plc | 10,534,141 | 10,802,218 | ||||||
| Reckitt Benckiser Group plc | 243,748 | 18,267,887 | ||||||
| Unilever plc | 842,191 | 49,229,962 | ||||||
| 199,259,711 | ||||||||
| United States - 19.2% | ||||||||
| Analog Devices, Inc. (a) | 64,448 | 14,476,954 | ||||||
| Bank of New York Mellon Corp. (The) (a) | 52,920 | 5,368,734 | ||||||
| Becton Dickinson & Co. (a) | 197,518 | 35,207,583 | ||||||
| BXP, Inc., REIT (a) | 97,307 | 6,366,797 | ||||||
| CH Robinson Worldwide, Inc. (a) | 133,684 | 15,416,439 | ||||||
| Colgate-Palmolive Co. (a) | 232,838 | 19,523,466 | ||||||
| Comcast Corp., Class A | 635,037 | 21,102,280 | ||||||
| Dollar General Corp. (a) | 15,479 | 1,623,747 | ||||||
| Douglas Emmett, Inc., REIT | 366,396 | 5,554,563 | ||||||
| Elevance Health, Inc. (a) | 32,402 | 9,172,358 | ||||||
| Equity Residential, REIT (a) | 345,193 | 21,816,198 | ||||||
| Exxon Mobil Corp. (a) | 395,470 | 44,150,271 | ||||||
| Fidelity National Financial, Inc. (a) | 105,623 | 5,960,306 | ||||||
| General Dynamics Corp. (a) | 7,297 | 2,273,818 | ||||||
| HCA Healthcare, Inc. (a) | 60,290 | 21,342,057 | ||||||
| IDACORP, Inc. | 45,996 | 5,764,679 | ||||||
| Kraft Heinz Co. (The) | 39,146 | 1,074,949 | ||||||
| Medtronic plc (a) | 233,926 | 21,109,482 | ||||||
| Noble Corp. plc (a) | 170,546 | 4,572,338 | ||||||
| Omnicom Group, Inc. | 93,506 | 6,737,107 | ||||||
| ONEOK, Inc. (a) | 81,888 | 6,723,824 | ||||||
| Oracle Corp. (a) | 16,238 | 4,120,717 | ||||||
| Philip Morris International, Inc. (a) | 204,693 | 33,579,887 | ||||||
| PPG Industries, Inc. | 14,351 | 1,514,031 | ||||||
| Royal Gold, Inc. (a) | 78,623 | 11,905,095 | ||||||
| Schlumberger NV | 153,224 | 5,178,971 | ||||||
| Texas Instruments, Inc. (a) | 109,344 | 19,797,825 | ||||||
| Universal Health Services, Inc., Class B | 19,258 | 3,205,494 | ||||||
| US Bancorp | 326,193 | 14,665,637 | ||||||
| Vail Resorts, Inc. (a) | 12,576 | 1,889,670 | ||||||
| Weyerhaeuser Co., REIT | 129,131 | 3,234,732 | ||||||
| 374,430,009 | ||||||||
| TOTAL COMMON STOCKS (Cost $984,669,007) | 1,236,944,534 | |||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| CORPORATE BONDS - 10.7% | ||||||||
| Australia - 0.1% | ||||||||
| Nufarm Australia Ltd. | ||||||||
| 5.00%, 01/27/2030 (c) | 2,595,000 | 2,407,387 | ||||||
| Canada - 0.5% | ||||||||
| Transcanada Trust | ||||||||
| Series 16-A, 5.88%, 08/15/2076 (d) | 10,307,000 | 10,285,555 | ||||||
| Chile - 0.0%(e) | ||||||||
| Latam Airlines Group SA | ||||||||
| 7.63%, 01/07/2031 (c) | 1,056,000 | 1,089,264 | ||||||
| Germany - 0.2% | ||||||||
| IHO Verwaltungs GmbH | ||||||||
| 7.75%, (7.75% Cash or 8.50% PIK),11/15/2030 (c) | 3,650,000 | 3,746,437 | ||||||
| Mexico - 0.5% | ||||||||
| Mexico Remittances Funding Fiduciary Estate Management Sarl | ||||||||
| 12.50%, 10/15/2031 ‡(c) | 9,000,000 | 9,066,600 | ||||||
| Norway - 0.5% | ||||||||
| DNB Boligkreditt A/S | ||||||||
| (NIBOR 3M + 0.45%), 4.77%, 10/05/2027 ‡(d) | 96,000,000 | 9,329,142 | ||||||
| Poland - 0.1% | ||||||||
| Canpack SA | ||||||||
| 3.13%, 11/01/2025 (c) | 420,000 | 415,968 | ||||||
| 3.88%, 11/15/2029 (c) | 1,000,000 | 931,533 | ||||||
| 1,347,501 | ||||||||
| United Kingdom - 0.1% | ||||||||
| BAT Capital Corp. | ||||||||
| 3.22%, 09/06/2026 | 2,425,000 | 2,390,506 | ||||||
| United States - 8.7% | ||||||||
| ACCO Brands Corp. | ||||||||
| 4.25%, 03/15/2029 (c) | 6,858,000 | 6,076,820 | ||||||
| American Airlines, Inc. | ||||||||
| 5.50%, 04/20/2026 (c) | 1,066,964 | 1,065,991 | ||||||
| 5.75%, 04/20/2029 (c) | 502,000 | 501,824 | ||||||
| AMN Healthcare, Inc. | ||||||||
| 4.63%, 10/01/2027 (c) | 2,959,000 | 2,893,232 | ||||||
| Aramark Services, Inc. | ||||||||
| 5.00%, 02/01/2028 (c) | 2,700,000 | 2,673,374 | ||||||
| Ball Corp. | ||||||||
| 6.88%, 03/15/2028 | 4,152,000 | 4,237,962 | ||||||
| Bank of New York Mellon Corp. (The) | ||||||||
| Series F, (CME Term SOFR 3 Month + 3.39%), 4.63%, 09/20/2026 (d)(f) | 4,475,000 | 4,412,977 | ||||||
| Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 3.75%, 12/20/2026 (d)(f) | 9,889,000 | 9,546,434 | ||||||
| Carnival Corp. | ||||||||
| 4.00%, 08/01/2028 (c) | 1,206,000 | 1,171,328 | ||||||
| CCO Holdings LLC | ||||||||
| 5.13%, 05/01/2027 (c) | 1,807,000 | 1,792,207 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| 5.38%, 06/01/2029 (c) | 1,900,000 | 1,866,143 | ||||||
| 6.38%, 09/01/2029 (c) | 1,835,000 | 1,851,865 | ||||||
| Centene Corp. | ||||||||
| 4.25%, 12/15/2027 | 3,573,000 | 3,464,689 | ||||||
| 4.63%, 12/15/2029 | 900,000 | 855,797 | ||||||
| Charles River Laboratories International, Inc. | ||||||||
| 4.25%, 05/01/2028 (c) | 4,682,000 | 4,538,521 | ||||||
| 3.75%, 03/15/2029 (c) | 1,522,000 | 1,433,743 | ||||||
| 4.00%, 03/15/2031 (c) | 2,950,000 | 2,707,071 | ||||||
| Charter Communications Operating LLC | ||||||||
| 4.20%, 03/15/2028 | 3,640,000 | 3,599,157 | ||||||
| CITGO Petroleum Corp. | ||||||||
| 6.38%, 06/15/2026 (c) | 4,182,000 | 4,175,612 | ||||||
| Crown Americas LLC | ||||||||
| 5.25%, 04/01/2030 | 900,000 | 909,820 | ||||||
| DENTSPLY SIRONA, Inc. | ||||||||
| 3.25%, 06/01/2030 | 4,075,000 | 3,702,632 | ||||||
| Diamond Foreign Asset Co. | ||||||||
| 8.50%, 10/01/2030 (c) | 1,775,000 | 1,849,981 | ||||||
| Dollar General Corp. | ||||||||
| 3.50%, 04/03/2030 | 2,750,000 | 2,607,430 | ||||||
| Edgewell Personal Care Co. | ||||||||
| 5.50%, 06/01/2028 (c) | 1,770,000 | 1,756,690 | ||||||
| 4.13%, 04/01/2029 (c) | 1,557,000 | 1,472,505 | ||||||
| Embecta Corp. | ||||||||
| 5.00%, 02/15/2030 (c) | 4,893,000 | 4,437,684 | ||||||
| 6.75%, 02/15/2030 (c) | 2,292,000 | 2,190,333 | ||||||
| Enterprise Products Operating LLC | ||||||||
| Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (d) | 6,705,000 | 6,630,487 | ||||||
| Fair Isaac Corp. | ||||||||
| 5.25%, 05/15/2026 (c) | 1,715,000 | 1,712,188 | ||||||
| 4.00%, 06/15/2028 (c) | 2,764,000 | 2,669,481 | ||||||
| GE HealthCare Technologies, Inc. | ||||||||
| 5.60%, 11/15/2025 | 2,525,000 | 2,529,464 | ||||||
| HCA, Inc. | ||||||||
| 5.88%, 02/15/2026 | 3,449,000 | 3,451,584 | ||||||
| 3.50%, 09/01/2030 | 2,788,000 | 2,628,173 | ||||||
| 5.45%, 04/01/2031 | 4,150,000 | 4,265,455 | ||||||
| Iron Mountain, Inc. | ||||||||
| REIT, 4.88%, 09/15/2027 (c) | 3,609,000 | 3,581,607 | ||||||
| REIT, 5.25%, 03/15/2028 (c) | 1,005,000 | 999,885 | ||||||
| REIT, 5.00%, 07/15/2028 (c) | 1,596,000 | 1,579,634 | ||||||
| REIT, 4.88%, 09/15/2029 (c) | 1,322,000 | 1,292,608 | ||||||
| KeyBank NA | ||||||||
| 4.15%, 08/08/2025 | 2,575,000 | 2,574,389 | ||||||
| KFC Holding Co. | ||||||||
| 4.75%, 06/01/2027 (c) | 2,322,000 | 2,310,461 | ||||||
| Kraft Heinz Foods Co. | ||||||||
| 3.00%, 06/01/2026 | 1,800,000 | 1,776,392 | ||||||
| Lamb Weston Holdings, Inc. | ||||||||
| 4.13%, 01/31/2030 (c) | 2,583,000 | 2,457,255 | ||||||
| Manufacturers & Traders Trust Co. | ||||||||
| 4.65%, 01/27/2026 | 3,480,000 | 3,479,597 | ||||||
| 4.70%, 01/27/2028 | 3,825,000 | 3,848,234 | ||||||
| Mellon Capital IV | ||||||||
| Series 1, (CME Term SOFR 3 Month + 0.83%, 4.00% Floor), 5.15%, 12/31/2164 (d)(f) | 6,183,000 | 5,281,701 | ||||||
| MSCI, Inc. | ||||||||
| 4.00%, 11/15/2029 (c) | 4,725,000 | 4,563,147 | ||||||
| Noble Finance II LLC | ||||||||
| 8.00%, 04/15/2030 (c) | 5,750,000 | 5,864,810 | ||||||
| Roller Bearing Co. of America, Inc. | ||||||||
| 4.38%, 10/15/2029 (c) | 6,359,000 | 6,115,046 | ||||||
| Service Corp. International | ||||||||
| 4.63%, 12/15/2027 | 1,749,000 | 1,731,152 | ||||||
| 5.13%, 06/01/2029 | 857,000 | 849,207 | ||||||
| Teleflex, Inc. | ||||||||
| 4.63%, 11/15/2027 | 2,919,000 | 2,871,160 | ||||||
| 4.25%, 06/01/2028 (c) | 782,000 | 757,313 | ||||||
| Truist Financial Corp. | ||||||||
| Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 6.67%, 09/01/2025 (d)(f) | 14,157,000 | 14,147,804 | ||||||
| WESCO Distribution, Inc. | ||||||||
| 7.25%, 06/15/2028 (c) | 2,136,000 | 2,164,443 | ||||||
| TOTAL CORPORATE BONDS (Cost $205,992,883) | 209,586,891 | |||||||
| U.S. TREASURY OBLIGATIONS - 9.6% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 6.63%, 02/15/2027 | 21,802,200 | 22,708,354 | ||||||
| 6.13%, 11/15/2027 | 21,467,400 | 22,548,317 | ||||||
| U.S. Treasury Inflation Linked Notes | ||||||||
| 0.13%, 04/15/2026 | 16,340,000 | 19,838,836 | ||||||
| 0.13%, 04/15/2027 | 20,780,800 | 23,165,102 | ||||||
| 1.25%, 04/15/2028 | 22,225,000 | 23,767,079 | ||||||
| 2.13%, 04/15/2029 | 18,553,000 | 19,794,002 | ||||||
| 1.63%, 04/15/2030 | 9,650,000 | 9,814,121 | ||||||
| 1.88%, 07/15/2034 | 3,565,000 | 3,646,688 | ||||||
| U.S. Treasury Notes | ||||||||
| 1.75%, 12/31/2026 | 18,610,000 | 18,023,349 | ||||||
| 3.88%, 07/15/2028 | 4,950,000 | 4,948,453 | ||||||
| 4.00%, 03/31/2030 | 7,750,000 | 7,767,861 | ||||||
| 3.38%, 05/15/2033 | 9,250,000 | 8,740,166 | ||||||
| 3.88%, 08/15/2034 (g) | 3,600,000 | 3,482,719 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost 188,037,088) | 188,245,047 | |||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 8.0% | ||||||||
| Gold bullion* (Cost $58,435,439) | 47,675 | 156,908,641 | ||||||
| Investments | Shares | Value ($) | ||||||
| PREFERRED STOCKS - 2.2% | ||||||||
| United States - 2.2% | ||||||||
| Charles Schwab Corp. (The) | ||||||||
| Series D, 5.95%, (f) | 178,714 | 4,466,063 | ||||||
| MetLife, Inc. | ||||||||
| Series A, (CME Term SOFR 3 Month + 1.26%, 4.00% Floor), 5.58%, (d)(f) | 182,311 | 4,360,879 | ||||||
| Northern Trust Corp. | ||||||||
| Series E, 4.70%, (f) | 304,399 | 6,148,860 | ||||||
| State Street Corp. | ||||||||
| Series G, 5.35%, (f) | 127,521 | 2,874,323 | ||||||
| Truist Financial Corp. | ||||||||
| Series R, 4.75%, (f) | 563,348 | 10,912,051 | ||||||
| US Bancorp | ||||||||
| Series A, (CME Term SOFR 3 Month + 1.28%), 5.60%, (d)(f) | 7,400 | 6,171,600 | ||||||
| Series B, (CME Term SOFR 3 Month + 0.86%, 1.02% Floor), 5.18%, (d)(f) | 379,475 | 7,817,185 | ||||||
| TOTAL PREFERRED STOCKS (Cost 45,247,134) | 42,750,961 | |||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| CONVERTIBLE PREFERRED STOCKS - 1.3% | ||||||||
| United States - 1.3% | ||||||||
| Bank of America Corp. | ||||||||
| Series L, 7.25%, (f) | 10,496 | 12,805,120 | ||||||
| Wells Fargo & Co. | ||||||||
| Series L, 7.50%, (f) | 11,123 | 13,175,638 | ||||||
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $30,438,618) | 25,980,758 | |||||||
| Investments | Shares | Value ($) | ||||||
| MASTER LIMITED PARTNERSHIPS - 1.0% | ||||||||
| United States - 1.0% | ||||||||
| Enterprise Products Partners LP (Cost $11,024,328) | 612,186 | 18,971,644 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||||||
| FOREIGN GOVERNMENT SECURITIES - 0.8% | ||||||||||||
| Brazil - 0.3% | ||||||||||||
| Federative Republic of Brazil | ||||||||||||
| 10.00%, 01/01/2027 | BRL | 30,000,000 | 5,130,402 | |||||||||
| Canada - 0.0%(e) | ||||||||||||
| Province of Quebec | ||||||||||||
| 2.50%, 04/20/2026 | 893,000 | 881,187 | ||||||||||
| Mexico - 0.3% | ||||||||||||
| United Mexican States | ||||||||||||
| 4.75%, 04/27/2032 | 5,700,000 | 5,406,849 | ||||||||||
| Saudi Arabia - 0.2% | ||||||||||||
| Kingdom of Saudi Arabia | ||||||||||||
| 4.75%, 01/18/2028 (c) | 3,800,000 | 3,830,479 | ||||||||||
| TOTAL FOREIGN GOVERNMENT SECURITIES (Cost 15,087,961) | 15,248,917 | |||||||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| ASSET-BACKED SECURITIES - 0.1% | ||||||||
| United States - 0.1% | ||||||||
| United Airlines Pass-Through Trust | ||||||||
| Series 2020-1, Class A, 5.88%, 10/15/2027 (Cost $2,443,539) | 2,450,521 | 2,493,952 | ||||||
| LOAN ASSIGNMENTS - 0.1% | ||||||||
| United States - 0.1% | ||||||||
| Aramark Services, Inc., First Lien Term Loan B7 | ||||||||
| (CME Term SOFR 1 Month + 2.00%), 6.36%, 04/06/2028 (d) (Cost $2,500,000) | 2,500,000 | 2,507,300 | ||||||
| SHORT-TERM INVESTMENTS - 2.5% | ||||||||
| COMMERCIAL PAPER - 2.3% | ||||||||
| AES Corp. (The) | ||||||||
| 4.75%, 08/01/2025 (h) | 6,884,000 | 6,883,087 | ||||||
| Cargill, Inc. | ||||||||
| 4.32%, 08/01/2025 (c)(h) | 9,927,000 | 9,925,806 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Cencora, Inc. | ||||||||
| 4.55%, 08/01/2025 (c)(h) | 4,888,000 | 4,887,383 | ||||||
| Energy Transfer LP | ||||||||
| 4.55%, 08/01/2025 (c)(h) | 3,442,000 | 3,441,567 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 4.48%, 08/01/2025 (c)(h) | 16,316,000 | 16,313,977 | ||||||
| Global Payments, Inc. | ||||||||
| 4.88%, 08/01/2025 (h) | 3,442,000 | 3,441,531 | ||||||
| TOTAL COMMERCIAL PAPER (Cost $44,899,000) | 44,893,351 | |||||||
| Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.2% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (i) (Cost $3,730,543) | 3,730,543 | 3,730,543 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $48,629,543) | 48,623,894 | |||||||
| Total Investments - 99.6% (Cost $1,592,505,540) | 1,948,262,539 | |||||||
| Other assets less liabilities - 0.4% | 6,869,474 | |||||||
| Net Assets - 100.0% | 1,955,132,013 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | All or a portion of the security pledged as collateral for call options written. |
| (b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $136,579,203, which represents approximately 6.99% of net assets of the Fund. |
| (d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2025. |
| (e) | Represents less than 0.05% of net assets. |
| (f) | Perpetual security. The rate reflected was the rate in effect on July 31, 2025. The maturity date reflects the next call date. |
| (g) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
| (h) | The rate shown was the current yield as of July 31, 2025. |
| (i) | Represents 7-day effective yield as of July 31, 2025. |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2025 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2025
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||
| USD | 1,865,371 | EUR | 1,593,000 | Bank of New York Mellon | 08/06/2025 | $ | 47,200 | |||||
| USD | 1,572,631 | JPY | 233,207,000 | Bank of New York Mellon | 08/06/2025 | 25,780 | ||||||
| USD | 6,253,022 | EUR | 5,425,000 | Goldman Sachs | 09/03/2025 | 49,274 | ||||||
| USD | 2,439,810 | GBP | 1,826,000 | Goldman Sachs | 09/03/2025 | 27,574 | ||||||
| USD | 1,169,763 | JPY | 164,995,000 | Goldman Sachs | 09/03/2025 | 71,855 | ||||||
| USD | 581,161 | EUR | 494,000 | JPMorgan Chase Bank | 10/01/2025 | 15,135 | ||||||
| USD | 2,419,692 | GBP | 1,795,000 | JPMorgan Chase Bank | 10/01/2025 | 47,719 | ||||||
| USD | 1,541,339 | JPY | 219,640,000 | JPMorgan Chase Bank | 10/01/2025 | 74,928 | ||||||
| USD | 6,360,314 | EUR | 5,425,000 | UBS AG | 11/05/2025 | 130,473 | ||||||
| USD | 1,371,952 | JPY | 197,231,000 | UBS AG | 11/05/2025 | 50,236 | ||||||
| USD | 3,145,979 | EUR | 2,720,000 | Bank of New York Mellon | 12/03/2025 | 16,688 | ||||||
| USD | 1,997,157 | JPY | 293,685,000 | Bank of New York Mellon | 12/03/2025 | 23,047 | ||||||
| Total unrealized appreciation | 579,909 | |||||||||||
| EUR | 5,425,000 | USD | 6,227,358 | Bank of New York Mellon | 08/06/2025 | (35,532 | ) | |||||
| JPY | 233,207,000 | USD | 1,566,514 | Bank of New York Mellon | 08/06/2025 | (19,663 | ) | |||||
| USD | 4,164,660 | EUR | 3,832,000 | Bank of New York Mellon | 08/06/2025 | (208,995 | ) | |||||
| USD | 5,623,584 | EUR | 4,931,000 | JPMorgan Chase Bank | 10/01/2025 | (26,371 | ) | |||||
| Total unrealized depreciation | (290,561 | ) | ||||||||||
| Net unrealized appreciation | $ | 289,348 | ||||||||||
| Abbreviations | |
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NIBOR | Norwegian Interbank Offered Rate |
| NVDR | Non-Voting Depositary Receipt |
| OYJ | Public Limited Company |
| PIK | Pay in Kind |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2025 (unaudited)
Written Call Options Contracts as of July 31, 2025:
| Description | Counterparty | Number
of Contracts | Notional Amount | Exercise Price | Expiration Date | Value ($) | |||||||||||||
| Analog Devices, Inc. | Exchange Traded | 84 | USD | (1,886,892 | ) | USD | 270.00 | 12/19/2025 | (29,400 | ) | |||||||||
| Analog Devices, Inc. | Exchange Traded | 486 | USD | (10,917,018 | ) | USD | 310.00 | 1/16/2026 | (68,040 | ) | |||||||||
| Analog Devices, Inc. | Exchange Traded | 74 | USD | (1,662,262 | ) | USD | 330.00 | 9/19/2025 | (9,990 | ) | |||||||||
| Bank of New York Mellon Corp. (The) | Exchange Traded | 210 | USD | (2,130,450 | ) | USD | 105.00 | 1/16/2026 | (125,580 | ) | |||||||||
| Becton Dickinson & Co. | Exchange Traded | 110 | USD | (1,960,750 | ) | USD | 230.00 | 12/19/2025 | (14,025 | ) | |||||||||
| Becton Dickinson & Co. | Exchange Traded | 70 | USD | (1,247,750 | ) | USD | 285.00 | 9/19/2025 | (6,650 | ) | |||||||||
| Becton Dickinson & Co. | Exchange Traded | 70 | USD | (1,247,750 | ) | USD | 290.00 | 9/19/2025 | (6,650 | ) | |||||||||
| BXP, Inc., REIT | Exchange Traded | 294 | USD | (1,923,642 | ) | USD | 80.00 | 1/16/2026 | (20,580 | ) | |||||||||
| BXP, Inc., REIT | Exchange Traded | 294 | USD | (1,923,642 | ) | USD | 82.50 | 1/16/2026 | (14,700 | ) | |||||||||
| BXP, Inc., REIT | Exchange Traded | 262 | USD | (1,714,266 | ) | USD | 100.00 | 10/17/2025 | (19,650 | ) | |||||||||
| CH Robinson Worldwide, Inc. | Exchange Traded | 199 | USD | (2,294,868 | ) | USD | 110.00 | 8/15/2025 | (131,340 | ) | |||||||||
| CH Robinson Worldwide, Inc. | Exchange Traded | 351 | USD | (4,047,732 | ) | USD | 130.00 | 8/15/2025 | (1,755 | ) | |||||||||
| Colgate-Palmolive Co. | Exchange Traded | 192 | USD | (1,609,920 | ) | USD | 110.00 | 8/15/2025 | (10,560 | ) | |||||||||
| Colgate-Palmolive Co. | Exchange Traded | 213 | USD | (1,786,005 | ) | USD | 110.00 | 1/16/2026 | (21,300 | ) | |||||||||
| Dollar General Corp. | Exchange Traded | 154 | USD | (1,615,460 | ) | USD | 145.00 | 9/19/2025 | (3,234 | ) | |||||||||
| Elevance Health, Inc. | Exchange Traded | 45 | USD | (1,273,860 | ) | USD | 550.00 | 12/19/2025 | (6,750 | ) | |||||||||
| Elevance Health, Inc. | Exchange Traded | 45 | USD | (1,273,860 | ) | USD | 560.00 | 12/19/2025 | (19,800 | ) | |||||||||
| Equity Residential, REIT | Exchange Traded | 263 | USD | (1,662,160 | ) | USD | 80.00 | 10/17/2025 | (1,052 | ) | |||||||||
| Equity Residential, REIT | Exchange Traded | 267 | USD | (1,687,440 | ) | USD | 90.00 | 12/19/2025 | (17,355 | ) | |||||||||
| Exxon Mobil Corp. | Exchange Traded | 178 | USD | (1,987,192 | ) | USD | 125.00 | 8/15/2025 | (2,314 | ) | |||||||||
| Exxon Mobil Corp. | Exchange Traded | 175 | USD | (1,953,700 | ) | USD | 135.00 | 11/21/2025 | (7,350 | ) | |||||||||
| Exxon Mobil Corp. | Exchange Traded | 170 | USD | (1,897,880 | ) | USD | 140.00 | 12/19/2025 | (6,290 | ) | |||||||||
| Exxon Mobil Corp. | Exchange Traded | 178 | USD | (1,987,192 | ) | USD | 140.00 | 1/16/2026 | (9,790 | ) | |||||||||
| Exxon Mobil Corp. | Exchange Traded | 178 | USD | (1,987,192 | ) | USD | 145.00 | 1/16/2026 | (6,764 | ) | |||||||||
| Exxon Mobil Corp. | Exchange Traded | 156 | USD | (1,741,584 | ) | USD | 160.00 | 12/19/2025 | (2,808 | ) | |||||||||
| Exxon Mobil Corp. | Exchange Traded | 160 | USD | (1,786,240 | ) | USD | 160.00 | 1/16/2026 | (2,240 | ) | |||||||||
| Exxon Mobil Corp. | Exchange Traded | 156 | USD | (1,741,584 | ) | USD | 165.00 | 12/19/2025 | (4,212 | ) | |||||||||
| Fidelity National Financial, Inc. | Exchange Traded | 290 | USD | (1,636,470 | ) | USD | 75.00 | 9/19/2025 | (33,350 | ) | |||||||||
| Franco-Nevada Corp. | Exchange Traded | 87 | USD | (1,386,171 | ) | USD | 200.00 | 10/17/2025 | (16,530 | ) | |||||||||
| General Dynamics Corp. | Exchange Traded | 72 | USD | (2,243,592 | ) | USD | 330.00 | 1/16/2026 | (64,440 | ) | |||||||||
| HCA Healthcare, Inc. | Exchange Traded | 55 | USD | (1,946,945 | ) | USD | 440.00 | 9/19/2025 | (9,075 | ) | |||||||||
| HCA Healthcare, Inc. | Exchange Traded | 53 | USD | (1,876,147 | ) | USD | 470.00 | 9/19/2025 | (8,215 | ) | |||||||||
| HCA Healthcare, Inc. | Exchange Traded | 50 | USD | (1,769,950 | ) | USD | 500.00 | 12/19/2025 | (4,000 | ) | |||||||||
| HCA Healthcare, Inc. | Exchange Traded | 50 | USD | (1,769,950 | ) | USD | 500.00 | 1/16/2026 | (8,500 | ) | |||||||||
| HCA Healthcare, Inc. | Exchange Traded | 51 | USD | (1,805,349 | ) | USD | 520.00 | 1/16/2026 | (8,670 | ) | |||||||||
| Medtronic plc | Exchange Traded | 220 | USD | (1,985,280 | ) | USD | 110.00 | 1/16/2026 | (8,140 | ) | |||||||||
| Noble Corp. plc | Exchange Traded | 845 | USD | (2,265,445 | ) | USD | 35.00 | 9/19/2025 | (10,563 | ) | |||||||||
| Noble Corp. plc | Exchange Traded | 338 | USD | (906,178 | ) | USD | 35.00 | 12/19/2025 | (22,646 | ) | |||||||||
| Nutrien Ltd. | Exchange Traded | 642 | USD | (3,808,344 | ) | USD | 70.00 | 9/19/2025 | (12,840 | ) | |||||||||
| Nutrien Ltd. | Exchange Traded | 324 | USD | (1,921,968 | ) | USD | 75.00 | 12/19/2025 | (15,390 | ) | |||||||||
| Nutrien Ltd. | Exchange Traded | 330 | USD | (1,957,560 | ) | USD | 75.00 | 1/16/2026 | (18,975 | ) | |||||||||
| ONEOK, Inc. | Exchange Traded | 229 | USD | (1,880,319 | ) | USD | 100.00 | 10/17/2025 | (5,725 | ) | |||||||||
| Oracle Corp. | Exchange Traded | 162 | USD | (4,111,074 | ) | USD | 200.00 | 9/19/2025 | (944,460 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 131 | USD | (2,149,055 | ) | USD | 165.00 | 9/19/2025 | (79,910 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 136 | USD | (2,231,080 | ) | USD | 170.00 | 9/19/2025 | (51,680 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 111 | USD | (1,820,955 | ) | USD | 190.00 | 9/19/2025 | (4,440 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 111 | USD | (1,820,955 | ) | USD | 195.00 | 9/19/2025 | (2,442 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 108 | USD | (1,771,740 | ) | USD | 200.00 | 8/15/2025 | (540 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 114 | USD | (1,870,170 | ) | USD | 200.00 | 9/19/2025 | (1,938 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 111 | USD | (1,820,955 | ) | USD | 200.00 | 10/17/2025 | (4,162 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 117 | USD | (1,919,385 | ) | USD | 200.00 | 11/21/2025 | (13,104 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 118 | USD | (1,935,790 | ) | USD | 200.00 | 12/19/2025 | (18,585 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 118 | USD | (1,935,790 | ) | USD | 200.00 | 1/16/2026 | (17,700 | ) | |||||||||
| Philip Morris International, Inc. | Exchange Traded | 108 | USD | (1,771,740 | ) | USD | 220.00 | 10/17/2025 | (108 | ) | |||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Description | Counterparty | Number
of Contracts | Notional Amount | Exercise Price | Expiration Date | Value ($) | |||||||||||||
| Royal Gold, Inc. | Exchange Traded | 104 | USD | (1,574,768 | ) | USD | 250.00 | 10/17/2025 | (11,960 | ) | |||||||||
| Royal Gold, Inc. | Exchange Traded | 110 | USD | (1,665,620 | ) | USD | 250.00 | 11/21/2025 | (12,650 | ) | |||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Exchange Traded | 87 | USD | (2,102,094 | ) | USD | 330.00 | 10/17/2025 | (6,612 | ) | |||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Exchange Traded | 87 | USD | (2,102,094 | ) | USD | 340.00 | 1/16/2026 | (20,532 | ) | |||||||||
| Texas Instruments, Inc. | Exchange Traded | 227 | USD | (4,110,062 | ) | USD | 220.00 | 9/19/2025 | (6,356 | ) | |||||||||
| Texas Instruments, Inc. | Exchange Traded | 100 | USD | (1,810,600 | ) | USD | 230.00 | 9/19/2025 | (2,000 | ) | |||||||||
| Texas Instruments, Inc. | Exchange Traded | 115 | USD | (2,082,190 | ) | USD | 240.00 | 12/19/2025 | (11,155 | ) | |||||||||
| Texas Instruments, Inc. | Exchange Traded | 91 | USD | (1,647,646 | ) | USD | 250.00 | 9/19/2025 | (12,103 | ) | |||||||||
| Texas Instruments, Inc. | Exchange Traded | 99 | USD | (1,792,494 | ) | USD | 260.00 | 10/17/2025 | (13,464 | ) | |||||||||
| Texas Instruments, Inc. | Exchange Traded | 99 | USD | (1,792,494 | ) | USD | 260.00 | 11/21/2025 | (15,147 | ) | |||||||||
| Texas Instruments, Inc. | Exchange Traded | 100 | USD | (1,810,600 | ) | USD | 260.00 | 12/19/2025 | (2,750 | ) | |||||||||
| Texas Instruments, Inc. | Exchange Traded | 94 | USD | (1,701,964 | ) | USD | 280.00 | 12/19/2025 | (1,410 | ) | |||||||||
| Texas Instruments, Inc. | Exchange Traded | 94 | USD | (1,701,964 | ) | USD | 290.00 | 12/19/2025 | (7,144 | ) | |||||||||
| Vail Resorts, Inc. | Exchange Traded | 125 | USD | (1,878,250 | ) | USD | 190.00 | 10/17/2025 | (24,375 | ) | |||||||||
| Wheaton Precious Metals Corp. | Exchange Traded | 220 | USD | (2,013,220 | ) | USD | 120.00 | 9/19/2025 | (9,900 | ) | |||||||||
| Wheaton Precious Metals Corp. | Exchange Traded | 223 | USD | (2,040,673 | ) | USD | 125.00 | 12/19/2025 | (20,070 | ) | |||||||||
| Wheaton Precious Metals Corp. | Exchange Traded | 227 | USD | (2,077,277 | ) | USD | 125.00 | 1/16/2026 | (34,050 | ) | |||||||||
| Wheaton Precious Metals Corp. | Exchange Traded | 228 | USD | (2,086,428 | ) | USD | 130.00 | 12/19/2025 | (15,390 | ) | |||||||||
| (2,183,375 | ) | ||||||||||||||||||
| Total Written Options Contracts (Premiums Received ($1,311,810)) | (2,183,375 | ) | |||||||||||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Aerospace & Defense | 0.7 | % | ||
| Air Freight & Logistics | 0.8 | |||
| Automobile Components | 0.2 | |||
| Automobiles | 0.1 | |||
| Banks | 7.9 | |||
| Beverages | 5.3 | |||
| Capital Markets | 2.2 | |||
| Chemicals | 1.5 | |||
| Commercial Services & Supplies | 1.1 | |||
| Commodities | 8.0 | |||
| Consumer Staples Distribution & Retail | 0.6 | |||
| Containers & Packaging | 0.4 | |||
| Diversified Consumer Services | 0.1 | |||
| Diversified Telecommunication Services | 0.3 | |||
| Electric Utilities | 0.3 | |||
| Energy Equipment & Services | 0.9 | |||
| Financial Services | 0.9 | |||
| Food Products | 3.5 | |||
| Foreign Government Securities | 0.8 | |||
| Ground Transportation | 0.2 | |||
| Health Care Equipment & Supplies | 3.7 | |||
| Health Care Providers & Services | 2.5 | |||
| Hotels, Restaurants & Leisure | 0.5 | |||
| Hotels, Restaurants and Leisure | 0.1 | |||
| Household Durables | 0.5 | |||
| Household Products | 2.1 | |||
| Industrial Conglomerates | 2.8 | |||
| Insurance | 3.2 | |||
| Leisure Products | 0.6 | |||
| Life Sciences Tools & Services | 0.5 | |||
| Machinery | 2.2 | |||
| Media | 1.6 | |||
| Metals & Mining | 3.5 | |||
| Office REITs | 0.7 | |||
| Oil, Gas & Consumable Fuels | 5.7 | |||
| Passenger Airlines | 0.2 | |||
| Personal Care Products | 2.7 | |||
| Pharmaceuticals | 1.1 | |||
| Professional Services | 0.2 | |||
| Real Estate Management & Development | 2.1 | |||
| Residential REITs | 1.1 | |||
| Semiconductors & Semiconductor Equipment | 2.4 | |||
| Software | 0.4 | |||
| Specialized REITs | 0.6 | |||
| Specialty Retail | 0.2 | |||
| Technology Hardware, Storage & Peripherals | 1.6 | |||
| Textiles, Apparel & Luxury Goods | 1.4 | |||
| Tobacco | 7.4 | |||
| Trading Companies & Distributors | 0.1 | |||
| U.S. Treasury Obligations | 9.6 | |||
| Short-Term Investments | 2.5 | |||
| Total Investments | 99.6 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 95.4% | ||||||||
| Air Freight & Logistics - 5.3% | ||||||||
| CH Robinson Worldwide, Inc. | 97,819 | 11,280,487 | ||||||
| Expeditors International of Washington, Inc. | 96,084 | 11,168,804 | ||||||
| 22,449,291 | ||||||||
| Beverages - 1.5% | ||||||||
| PepsiCo, Inc. | 44,711 | 6,166,541 | ||||||
| Electronic Equipment, Instruments & Components - 6.0% | ||||||||
| TE Connectivity plc (Ireland) | 122,227 | 25,148,205 | ||||||
| Food Products - 1.4% | ||||||||
| Nestle SA (Registered) (Switzerland) | 68,466 | 5,982,359 | ||||||
| Health Care Equipment & Supplies - 7.6% | ||||||||
| Becton Dickinson & Co. | 80,101 | 14,278,004 | ||||||
| Medtronic plc | 198,151 | 17,881,146 | ||||||
| 32,159,150 | ||||||||
| Health Care Providers & Services - 7.5% | ||||||||
| Elevance Health, Inc. | 19,406 | 5,493,451 | ||||||
| HCA Healthcare, Inc. | 45,518 | 16,112,917 | ||||||
| UnitedHealth Group, Inc. | 39,272 | 9,800,720 | ||||||
| 31,407,088 | ||||||||
| Hotels, Restaurants & Leisure - 0.5% | ||||||||
| Starbucks Corp. | 25,758 | 2,296,583 | ||||||
| Insurance - 2.1% | ||||||||
| Fidelity National Financial, Inc. | 77,032 | 4,346,916 | ||||||
| Willis Towers Watson plc | 14,524 | 4,586,824 | ||||||
| 8,933,740 | ||||||||
| Interactive Media & Services - 13.2% | ||||||||
| Alphabet, Inc., Class A | 143,530 | 27,543,407 | ||||||
| Meta Platforms, Inc., Class A | 36,224 | 28,017,091 | ||||||
| 55,560,498 | ||||||||
| IT Services - 0.2% | ||||||||
| Accenture plc, Class A | 2,573 | 687,248 | ||||||
| Machinery - 5.0% | ||||||||
| Schindler Holding AG (Switzerland) | 57,975 | 20,965,844 | ||||||
| Media - 5.1% | ||||||||
| Comcast Corp., Class A | 641,779 | 21,326,316 | ||||||
| Oil, Gas & Consumable Fuels - 2.8% | ||||||||
| Exxon Mobil Corp. | 106,908 | 11,935,209 | ||||||
| Semiconductors & Semiconductor Equipment - 7.0% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 39,643 | 9,578,542 | ||||||
| Texas Instruments, Inc. | 111,030 | 20,103,092 | ||||||
| 29,681,634 | ||||||||
| Software - 8.9% | ||||||||
| Microsoft Corp. | 6,519 | 3,477,887 | ||||||
| Oracle Corp. | 117,807 | 29,895,882 | ||||||
| Salesforce, Inc. | 15,543 | 4,015,223 | ||||||
| 37,388,992 | ||||||||
| Specialized REITs - 1.7% | ||||||||
| Extra Space Storage, Inc., REIT | 53,100 | 7,134,516 | ||||||
| Specialty Retail - 6.1% | ||||||||
| Home Depot, Inc. (The) | 48,925 | 17,980,427 | ||||||
| Ross Stores, Inc. | 56,403 | 7,701,265 | ||||||
| 25,681,692 | ||||||||
| Technology Hardware, Storage & Peripherals - 4.7% | ||||||||
| Samsung Electronics Co. Ltd. (Preference) (South Korea) | 482,035 | 19,847,533 | ||||||
| Textiles, Apparel & Luxury Goods - 2.5% | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE (France) | 19,533 | 10,485,550 | ||||||
| Tobacco - 6.3% | ||||||||
| British American Tobacco plc (United Kingdom) | 147,475 | 7,901,320 | ||||||
| Philip Morris International, Inc. | 113,532 | 18,624,925 | ||||||
| 26,526,245 | ||||||||
| TOTAL COMMON STOCKS (Cost $284,747,214) | 401,764,234 | |||||||
| MASTER LIMITED PARTNERSHIPS - 3.2% | ||||||||
| Oil, Gas & Consumable Fuels - 3.2% | ||||||||
| Enterprise Products Partners LP (Cost $11,240,337) | 430,666 | 13,346,339 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| SHORT-TERM INVESTMENTS - 1.3% | ||||||||
| COMMERCIAL PAPER - 1.2% | ||||||||
| AES Corp. (The) | ||||||||
| 4.75%, 08/01/2025(a) | 815,000 | 814,892 | ||||||
| Cargill, Inc. | ||||||||
| 4.32%, 08/01/2025(a)(b) | 1,175,000 | 1,174,859 | ||||||
| Cencora, Inc. | ||||||||
| 4.55%, 08/01/2025(a)(b) | 579,000 | 578,927 | ||||||
| Energy Transfer LP | ||||||||
| 4.55%, 08/01/2025(a)(b) | 408,000 | 407,949 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 4.48%, 08/01/2025(a)(b) | 1,932,000 | 1,931,760 |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Global Payments, Inc. | ||||||||
| 4.88%, 08/01/2025(a) | 408,000 | 407,944 | ||||||
| TOTAL COMMERCIAL PAPER (Cost $5,317,000) | 5,316,331 |
| Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.1% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (c) (Cost $441,981) | 441,981 | 441,981 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,758,981) | 5,758,312 | |||||||
| Total Investments - 99.9% (Cost $301,746,532) | 420,868,885 | |||||||
| Other assets less liabilities - 0.1% | 340,436 | |||||||
| Net Assets - 100.0% | 421,209,321 |
| (a) | The rate shown was the current yield as of July 31, 2025. |
| (b) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $4,093,495, which represents approximately 0.97% of net assets of the Fund. |
| (c) | Represents 7-day effective yield as of July 31, 2025. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Air Freight & Logistics | 5.3 | % | ||
| Beverages | 1.5 | |||
| Electronic Equipment,Instruments & Components | 6.0 | |||
| Food Products | 1.4 | |||
| Health Care Equipment & Supplies | 7.6 | |||
| Health Care Providers & Services | 7.5 | |||
| Hotels, Restaurants & Leisure | 0.5 | |||
| Insurance | 2.1 | |||
| Interactive Media & Services | 13.2 | |||
| IT Services | 0.2 | |||
| Machinery | 5.0 | |||
| Media | 5.1 | |||
| Oil, Gas & Consumable Fuels | 6.0 | |||
| Semiconductors & Semiconductor Equipment | 7.0 | |||
| Software | 8.9 | |||
| Specialized REITs | 1.7 | |||
| Specialty Retail | 6.1 | |||
| Technology Hardware, Storage & Peripherals | 4.7 | |||
| Textiles, Apparel & Luxury Goods | 2.5 | |||
| Tobacco | 6.3 | |||
| Short-Term Investments | 1.3 | |||
| Total Investments | 99.9 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 95.2% | ||||||||
| Aerospace & Defense - 2.6% | ||||||||
| AAR Corp. * | 39,909 | 2,981,602 | ||||||
| Astronics Corp. * | 195,651 | 7,066,914 | ||||||
| Ducommun, Inc. * | 167,523 | 15,241,243 | ||||||
| Kratos Defense & Security Solutions, Inc. * | 235,669 | 13,833,770 | ||||||
| Leonardo DRS, Inc. | 48,557 | 2,019,971 | ||||||
| 41,143,500 | ||||||||
| Air Freight & Logistics - 0.5% | ||||||||
| GXO Logistics, Inc. * | 105,865 | 5,262,549 | ||||||
| Radiant Logistics, Inc. * | 451,590 | 2,668,897 | ||||||
| 7,931,446 | ||||||||
| Automobile Components - 0.5% | ||||||||
| Goodyear Tire & Rubber Co. (The) * | 658,385 | 6,768,198 | ||||||
| Holley, Inc. * | 430,556 | 895,556 | ||||||
| 7,663,754 | ||||||||
| Banks - 4.3% | ||||||||
| Ameris Bancorp | 159,715 | 10,916,520 | ||||||
| Axos Financial, Inc. * | 118,880 | 10,265,288 | ||||||
| Customers Bancorp, Inc. * | 86,970 | 5,544,338 | ||||||
| Dime Community Bancshares, Inc. | 228,583 | 6,334,035 | ||||||
| Old National Bancorp | 496,645 | 10,484,176 | ||||||
| Seacoast Banking Corp. of Florida | 358,421 | 10,103,888 | ||||||
| Valley National Bancorp | 776,140 | 7,194,818 | ||||||
| Webster Financial Corp. | 154,196 | 8,889,399 | ||||||
| 69,732,462 | ||||||||
| Biotechnology - 0.3% | ||||||||
| CareDx, Inc. * | 387,797 | 4,764,086 | ||||||
| Building Products - 2.1% | ||||||||
| American Woodmark Corp. * | 136,638 | 7,188,525 | ||||||
| Insteel Industries, Inc. | 353,299 | 12,754,094 | ||||||
| Janus International Group, Inc. * | 973,501 | 8,342,903 | ||||||
| Quanex Building Products Corp. | 302,716 | 5,896,908 | ||||||
| 34,182,430 | ||||||||
| Capital Markets - 0.8% | ||||||||
| Moelis & Co., Class A | 69,959 | 4,906,924 | ||||||
| Perella Weinberg Partners, Class A | 369,444 | 7,366,714 | ||||||
| 12,273,638 | ||||||||
| Chemicals - 2.5% | ||||||||
| AdvanSix, Inc. | 199,120 | 4,006,294 | ||||||
| Aspen Aerogels, Inc. * | 61,594 | 471,810 | ||||||
| Intrepid Potash, Inc. * | 338,148 | 11,253,566 | ||||||
| LSB Industries, Inc. * | 1,523,819 | 11,779,121 | ||||||
| Mativ Holdings, Inc. | 864,409 | 5,722,388 | ||||||
| Mosaic Co. (The) | 208,232 | 7,498,434 | ||||||
| 40,731,613 | ||||||||
| Commercial Services & Supplies - 2.4% | ||||||||
| ACCO Brands Corp. | 758,625 | 2,844,844 | ||||||
| CECO Environmental Corp. * | 479,500 | 21,553,525 | ||||||
| Healthcare Services Group, Inc. * | 495,252 | 6,443,228 | ||||||
| Interface, Inc., Class A | 123,422 | 2,544,962 | ||||||
| VSE Corp. | 29,197 | 4,570,498 | ||||||
| 37,957,057 | ||||||||
| Communications Equipment - 3.4% | ||||||||
| ADTRAN Holdings, Inc. * | 995,854 | 9,251,484 | ||||||
| Aviat Networks, Inc. * | 330,461 | 7,137,958 | ||||||
| Ceragon Networks Ltd. (Israel) * | 517,459 | 1,143,584 | ||||||
| Ciena Corp. * | 93,973 | 8,724,453 | ||||||
| Digi International, Inc. * | 156,493 | 5,103,237 | ||||||
| Harmonic, Inc. * | 645,448 | 5,492,763 | ||||||
| KVH Industries, Inc. * | 185,431 | 980,930 | ||||||
| Lantronix, Inc. * | 185,911 | 596,774 | ||||||
| NETGEAR, Inc. * | 104,174 | 2,422,046 | ||||||
| NetScout Systems, Inc. * | 184,081 | 3,943,015 | ||||||
| Ribbon Communications, Inc. * | 904,945 | 3,402,593 | ||||||
| Viavi Solutions, Inc. * | 692,629 | 6,960,921 | ||||||
| 55,159,758 | ||||||||
| Construction & Engineering - 2.7% | ||||||||
| Ameresco, Inc., Class A * | 663,417 | 11,225,016 | ||||||
| Arcosa, Inc. | 113,240 | 9,725,051 | ||||||
| Concrete Pumping Holdings, Inc. | 384,923 | 2,629,024 | ||||||
| Dycom Industries, Inc. * | 47,202 | 12,688,369 | ||||||
| Matrix Service Co. * | 468,846 | 7,163,967 | ||||||
| 43,431,427 | ||||||||
| Construction Materials - 0.2% | ||||||||
| Titan America SA (Belgium) | 250,666 | 3,597,057 | ||||||
| Consumer Staples Distribution & Retail - 0.6% | ||||||||
| Chefs' Warehouse, Inc. (The) * | 133,357 | 9,142,956 | ||||||
| Containers & Packaging - 0.5% | ||||||||
| TriMas Corp. | 244,498 | 8,735,913 | ||||||
| Diversified Consumer Services - 1.6% | ||||||||
| Lincoln Educational Services Corp. * | 663,309 | 15,169,877 | ||||||
| Universal Technical Institute, Inc. * | 338,088 | 10,893,195 | ||||||
| 26,063,072 | ||||||||
| Electrical Equipment - 0.8% | ||||||||
| LSI Industries, Inc. | 265,508 | 4,858,796 | ||||||
| Thermon Group Holdings, Inc. * | 306,157 | 8,658,120 | ||||||
| 13,516,916 | ||||||||
| Electronic Equipment, Instruments & Components - 6.4% | ||||||||
| 908 Devices, Inc. * | 356,254 | 2,333,464 | ||||||
| Advanced Energy Industries, Inc. | 104,238 | 14,480,743 | ||||||
| Airgain, Inc. * | 445,915 | 1,988,781 | ||||||
| Avnet, Inc. | 110,356 | 5,842,247 | ||||||
| Belden, Inc. | 65,698 | 8,123,558 | ||||||
| Benchmark Electronics, Inc. | 197,410 | 7,600,285 | ||||||
| Fabrinet (Thailand) * | 49,332 | 15,970,248 | ||||||
| OSI Systems, Inc. * | 28,339 | 6,263,202 | ||||||
| Sanmina Corp. * | 51,097 | 5,929,296 | ||||||
| TTM Technologies, Inc. * | 338,295 | 15,984,439 | ||||||
| Vishay Intertechnology, Inc. | 749,155 | 12,278,650 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Vishay Precision Group, Inc. * | 211,373 | 5,605,612 | ||||||
| 102,400,525 | ||||||||
| Energy Equipment & Services - 2.3% | ||||||||
| Geospace Technologies Corp. * | 449,428 | 7,285,228 | ||||||
| Helix Energy Solutions Group, Inc. * | 386,505 | 2,291,975 | ||||||
| Natural Gas Services Group, Inc. * | 262,544 | 6,324,685 | ||||||
| Oil States International, Inc. * | 2,272,893 | 11,341,736 | ||||||
| ProPetro Holding Corp. * | 346,873 | 1,859,239 | ||||||
| RPC, Inc. | 287,197 | 1,335,466 | ||||||
| SEACOR Marine Holdings, Inc. * | 984,938 | 4,924,690 | ||||||
| Seadrill Ltd. * | 43,027 | 1,254,667 | ||||||
| Smart Sand, Inc. | 239,037 | 487,636 | ||||||
| 37,105,322 | ||||||||
| Financial Services - 1.8% | ||||||||
| Flywire Corp. * | 101,835 | 1,108,983 | ||||||
| MGIC Investment Corp. | 343,929 | 8,907,761 | ||||||
| NMI Holdings, Inc., Class A * | 234,933 | 8,767,700 | ||||||
| Radian Group, Inc. | 202,775 | 6,612,493 | ||||||
| Remitly Global, Inc. * | 189,633 | 3,128,944 | ||||||
| 28,525,881 | ||||||||
| Food Products - 2.3% | ||||||||
| Ingredion, Inc. | 60,670 | 7,980,532 | ||||||
| Mama's Creations, Inc. * | 1,155,435 | 9,543,893 | ||||||
| SunOpta, Inc. (Canada) * | 534,000 | 3,113,220 | ||||||
| Utz Brands, Inc. | 580,301 | 7,561,322 | ||||||
| Vital Farms, Inc. * | 249,262 | 9,272,546 | ||||||
| 37,471,513 | ||||||||
| Gas Utilities - 0.4% | ||||||||
| ONE Gas, Inc. | 88,840 | 6,458,668 | ||||||
| Ground Transportation - 1.1% | ||||||||
| FTAI Infrastructure, Inc. | 1,653,667 | 10,368,492 | ||||||
| Proficient Auto Logistics, Inc. * | 332,136 | 2,295,060 | ||||||
| RXO, Inc. * | 281,753 | 4,353,084 | ||||||
| 17,016,636 | ||||||||
| Health Care Equipment & Supplies - 2.8% | ||||||||
| Alphatec Holdings, Inc. * | 616,706 | 6,524,750 | ||||||
| AngioDynamics, Inc. * | 264,421 | 2,342,770 | ||||||
| Artivion, Inc. * | 363,065 | 11,222,339 | ||||||
| Axogen, Inc. * | 267,012 | 3,495,187 | ||||||
| Embecta Corp. | 342,701 | 3,481,842 | ||||||
| Profound Medical Corp. (Canada) * | 165,228 | 918,668 | ||||||
| SI-BONE, Inc. * | 322,771 | 5,496,790 | ||||||
| Treace Medical Concepts, Inc. * | 917,559 | 4,927,292 | ||||||
| Zimvie, Inc. * | 319,441 | 6,002,296 | ||||||
| 44,411,934 | ||||||||
| Health Care Providers & Services - 4.5% | ||||||||
| AdaptHealth Corp., Class A * | 408,834 | 3,667,241 | ||||||
| Aveanna Healthcare Holdings, Inc. * | 704,629 | 2,797,377 | ||||||
| Brookdale Senior Living, Inc. * | 1,705,843 | 13,220,283 | ||||||
| Concentra Group Holdings Parent, Inc. | 283,108 | 5,653,667 | ||||||
| Hinge Health, Inc., Class A * | 63,794 | 2,867,541 | ||||||
| InfuSystem Holdings, Inc. * | 804,835 | 4,507,076 | ||||||
| LifeStance Health Group, Inc. * | 1,081,843 | 4,305,735 | ||||||
| Pennant Group, Inc. (The) * | 374,707 | 8,307,254 | ||||||
| Performant Healthcare, Inc. * | 2,355,309 | 8,361,347 | ||||||
| Progyny, Inc. * | 134,461 | 3,161,178 | ||||||
| RadNet, Inc. * | 80,504 | 4,405,984 | ||||||
| Select Medical Holdings Corp. | 315,839 | 4,671,259 | ||||||
| Talkspace, Inc. * | 1,527,388 | 3,711,553 | ||||||
| Viemed Healthcare, Inc. * | 395,313 | 2,407,456 | ||||||
| 72,044,951 | ||||||||
| Health Care REITs - 0.2% | ||||||||
| Strawberry Fields REIT, Inc., REIT | 255,729 | 2,623,779 | ||||||
| Health Care Technology - 0.6% | ||||||||
| HealthStream, Inc. | 355,741 | 9,306,185 | ||||||
| Hotels, Restaurants & Leisure - 2.1% | ||||||||
| Cheesecake Factory, Inc. (The) | 69,670 | 4,452,610 | ||||||
| Dave & Buster's Entertainment, Inc. * | 57,205 | 1,672,674 | ||||||
| Denny's Corp. * | 1,564,396 | 5,819,553 | ||||||
| El Pollo Loco Holdings, Inc. * | 650,201 | 6,697,070 | ||||||
| Portillo's, Inc., Class A * | 536,155 | 5,340,104 | ||||||
| Potbelly Corp. * | 863,356 | 10,386,173 | ||||||
| 34,368,184 | ||||||||
| Household Durables - 3.9% | ||||||||
| Beazer Homes USA, Inc. * | 567,451 | 13,335,098 | ||||||
| Century Communities, Inc. | 151,700 | 8,539,193 | ||||||
| Champion Homes, Inc. * | 74,240 | 4,521,216 | ||||||
| Ethan Allen Interiors, Inc. | 195,149 | 5,809,586 | ||||||
| Hooker Furnishings Corp. | 288,877 | 2,729,888 | ||||||
| Installed Building Products, Inc. | 56,558 | 11,441,118 | ||||||
| Smith Douglas Homes Corp., Class A * | 212,835 | 4,009,811 | ||||||
| Taylor Morrison Home Corp., Class A * | 196,743 | 11,662,925 | ||||||
| Universal Electronics, Inc. * | 146,473 | 889,091 | ||||||
| 62,937,926 | ||||||||
| Household Products - 0.6% | ||||||||
| Spectrum Brands Holdings, Inc. | 163,542 | 8,751,132 | ||||||
| Insurance - 3.0% | ||||||||
| Axis Capital Holdings Ltd. | 87,934 | 8,251,727 | ||||||
| Citizens, Inc., Class A * | 519,877 | 1,985,930 | ||||||
| Kemper Corp. | 140,195 | 8,634,610 | ||||||
| Lincoln National Corp. | 363,972 | 13,870,973 | ||||||
| Old Republic International Corp. | 227,495 | 8,228,494 | ||||||
| Stewart Information Services Corp. | 106,675 | 6,926,408 | ||||||
| 47,898,142 | ||||||||
| Interactive Media & Services - 1.4% | ||||||||
| Cars.com, Inc. * | 600,340 | 7,726,376 | ||||||
| EverQuote, Inc., Class A * | 257,719 | 6,337,310 | ||||||
| QuinStreet, Inc. * | 489,115 | 8,026,377 | ||||||
| 22,090,063 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| IT Services - 0.3% | ||||||||
| Backblaze, Inc., Class A * | 1,019,988 | 5,089,740 | ||||||
| Leisure Products - 0.8% | ||||||||
| Clarus Corp. | 830,665 | 2,990,394 | ||||||
| Johnson Outdoors, Inc., Class A | 117,168 | 3,889,977 | ||||||
| Outdoor Holding Co. * | 1,667,543 | 1,967,701 | ||||||
| YETI Holdings, Inc. * | 124,716 | 4,582,066 | ||||||
| 13,430,138 | ||||||||
| Machinery - 5.6% | ||||||||
| Aebi Schmidt Holding AG (Switzerland) * | 227,835 | 2,346,701 | ||||||
| Astec Industries, Inc. | 258,121 | 10,237,079 | ||||||
| Enpro, Inc. | 46,754 | 9,931,017 | ||||||
| Graham Corp. * | 280,041 | 16,004,343 | ||||||
| JBT Marel Corp. | 56,053 | 7,724,104 | ||||||
| Luxfer Holdings plc (United Kingdom) | 389,900 | 4,686,598 | ||||||
| Manitowoc Co., Inc. (The) * | 715,949 | 9,128,350 | ||||||
| Mayville Engineering Co., Inc. * | 309,895 | 5,196,939 | ||||||
| Park-Ohio Holdings Corp. | 353,128 | 5,791,299 | ||||||
| Timken Co. (The) | 69,524 | 5,290,081 | ||||||
| Titan International, Inc. * | 544,668 | 4,607,891 | ||||||
| Trinity Industries, Inc. | 347,211 | 8,090,016 | ||||||
| 89,034,418 | ||||||||
| Media - 1.6% | ||||||||
| DoubleVerify Holdings, Inc. * | 136,386 | 2,089,434 | ||||||
| Magnite, Inc. * | 542,195 | 12,475,907 | ||||||
| National CineMedia, Inc. | 747,657 | 3,596,230 | ||||||
| Thryv Holdings, Inc. * | 609,612 | 8,022,494 | ||||||
| 26,184,065 | ||||||||
| Metals & Mining - 4.0% | ||||||||
| Carpenter Technology Corp. | 8,076 | 2,014,074 | ||||||
| Century Aluminum Co. * | 297,092 | 6,292,409 | ||||||
| Coeur Mining, Inc. * | 1,662,099 | 14,443,640 | ||||||
| Commercial Metals Co. | 230,687 | 11,963,428 | ||||||
| Ferroglobe plc | 1,826,263 | 7,725,092 | ||||||
| Hecla Mining Co. | 1,655,403 | 9,502,013 | ||||||
| Kaiser Aluminum Corp. | 132,320 | 10,229,659 | ||||||
| Ramaco Resources, Inc., Class B | 198,112 | 2,690,361 | ||||||
| 64,860,676 | ||||||||
| Multi-Utilities - 0.4% | ||||||||
| Black Hills Corp. | 105,533 | 6,097,697 | ||||||
| Oil, Gas & Consumable Fuels - 5.6% | ||||||||
| Dorian LPG Ltd. | 336,659 | 9,692,413 | ||||||
| Golar LNG Ltd. (Bermuda) | 244,284 | 10,054,729 | ||||||
| Kosmos Energy Ltd. (Ghana) * | 2,068,827 | 4,447,978 | ||||||
| Matador Resources Co. | 233,483 | 11,646,132 | ||||||
| Murphy Oil Corp. | 283,147 | 7,024,877 | ||||||
| Navigator Holdings Ltd. | 598,595 | 9,439,843 | ||||||
| New Fortress Energy, Inc. * | 461,950 | 1,258,814 | ||||||
| PBF Energy, Inc., Class A | 452,383 | 10,223,856 | ||||||
| Permian Resources Corp., Class A | 457,648 | 6,480,296 | ||||||
| Riley Exploration Permian, Inc. | 182,882 | 4,798,824 | ||||||
| Scorpio Tankers, Inc. (Monaco) | 184,781 | 8,353,949 | ||||||
| SM Energy Co. | 257,579 | 7,106,604 | ||||||
| 90,528,315 | ||||||||
| Paper & Forest Products - 1.0% | ||||||||
| Clearwater Paper Corp. * | 170,581 | 3,848,307 | ||||||
| Louisiana-Pacific Corp. | 141,843 | 12,824,026 | ||||||
| 16,672,333 | ||||||||
| Passenger Airlines - 0.3% | ||||||||
| Blade Air Mobility, Inc. * | 1,155,920 | 4,612,121 | ||||||
| Personal Care Products - 0.1% | ||||||||
| Nature's Sunshine Products, Inc. * | 107,788 | 1,510,110 | ||||||
| Pharmaceuticals - 0.2% | ||||||||
| Perrigo Co. plc | 126,004 | 3,360,527 | ||||||
| Professional Services - 0.5% | ||||||||
| Asure Software, Inc. * | 153,638 | 1,490,289 | ||||||
| NV5 Global, Inc. * | 259,881 | 5,834,328 | ||||||
| 7,324,617 | ||||||||
| Real Estate Management & Development - 1.0% | ||||||||
| Douglas Elliman, Inc. * | 1,389,971 | 3,822,420 | ||||||
| Forestar Group, Inc. * | 457,724 | 11,351,555 | ||||||
| 15,173,975 | ||||||||
| Residential REITs - 0.5% | ||||||||
| UMH Properties, Inc., REIT | 529,735 | 8,624,086 | ||||||
| Retail REITs - 0.9% | ||||||||
| Macerich Co. (The), REIT | 150,689 | 2,518,013 | ||||||
| Tanger, Inc., REIT | 159,504 | 4,788,310 | ||||||
| Whitestone REIT, REIT | 625,845 | 7,629,051 | ||||||
| 14,935,374 | ||||||||
| Semiconductors & Semiconductor Equipment - 4.4% | ||||||||
| Alpha & Omega Semiconductor Ltd. * | 287,097 | 7,312,360 | ||||||
| Ambiq Micro, Inc. * | 10,000 | 438,500 | ||||||
| Amtech Systems, Inc. * | 701,590 | 3,300,981 | ||||||
| Axcelis Technologies, Inc. * | 109,988 | 7,445,088 | ||||||
| Cohu, Inc. * | 209,778 | 3,746,635 | ||||||
| FormFactor, Inc. * | 258,467 | 7,343,047 | ||||||
| Ichor Holdings Ltd. * | 306,266 | 6,061,004 | ||||||
| inTEST Corp. * | 503,966 | 3,522,722 | ||||||
| Penguin Solutions, Inc. * | 267,231 | 6,298,635 | ||||||
| Silicon Motion Technology Corp., ADR (Taiwan) | 128,868 | 9,863,557 | ||||||
| Ultra Clean Holdings, Inc. * | 331,136 | 7,457,183 | ||||||
| Veeco Instruments, Inc. * | 376,055 | 7,814,423 | ||||||
| 70,604,135 | ||||||||
| Software - 0.8% | ||||||||
| Five9, Inc. * | 52,795 | 1,363,695 | ||||||
| Silvaco Group, Inc. * | 673,117 | 2,995,371 | ||||||
| SimilarWeb Ltd. (Israel) * | 256,937 | 2,147,993 | ||||||
| Sprinklr, Inc., Class A * | 746,205 | 6,723,307 | ||||||
| 13,230,366 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Specialized REITs - 0.8% | ||||||||
| Outfront Media, Inc., REIT | 708,357 | 12,417,498 | ||||||
| Specialty Retail - 2.9% | ||||||||
| MarineMax, Inc. * | 211,190 | 4,789,789 | ||||||
| Monro, Inc. | 307,477 | 4,333,888 | ||||||
| National Vision Holdings, Inc. * | 497,401 | 12,066,948 | ||||||
| OneWater Marine, Inc., Class A * | 228,876 | 3,510,958 | ||||||
| Shoe Carnival, Inc. | 103,809 | 2,123,932 | ||||||
| Sonic Automotive, Inc., Class A | 107,457 | 7,774,514 | ||||||
| Tile Shop Holdings, Inc. * | 266,002 | 1,678,473 | ||||||
| Warby Parker, Inc., Class A * | 445,278 | 10,664,408 | ||||||
| 46,942,910 | ||||||||
| Technology Hardware, Storage & Peripherals - 0.3% | ||||||||
| Eastman Kodak Co. * | 443,762 | 2,973,205 | ||||||
| Xerox Holdings Corp. | 417,955 | 1,692,718 | ||||||
| 4,665,923 | ||||||||
| Textiles, Apparel & Luxury Goods - 0.3% | ||||||||
| Fossil Group, Inc. * | 663,816 | 1,121,849 | ||||||
| Lakeland Industries, Inc. | 234,719 | 3,264,941 | ||||||
| 4,386,790 | ||||||||
| Trading Companies & Distributors - 3.7% | ||||||||
| Air Lease Corp., Class A | 193,083 | 10,696,798 | ||||||
| Alta Equipment Group, Inc. | 685,234 | 5,317,416 | ||||||
| Boise Cascade Co. | 77,665 | 6,509,104 | ||||||
| Custom Truck One Source, Inc. * | 570,518 | 3,531,506 | ||||||
| DNOW, Inc. * | 195,548 | 3,042,727 | ||||||
| NPK International, Inc. * | 280,795 | 2,532,771 | ||||||
| QXO, Inc. * | 131,546 | 2,638,813 | ||||||
| Titan Machinery, Inc. * | 655,583 | 12,665,864 | ||||||
| WESCO International, Inc. | 61,515 | 12,731,144 | ||||||
| 59,666,143 | ||||||||
| TOTAL COMMON STOCKS (Cost $1,328,925,011) | 1,528,789,883 | |||||||
| EXCHANGE TRADED FUNDS - 0.3% | ||||||||
| SPDR S&P Regional Banking ETF (Cost $4,208,989) | 66,955 | 4,021,318 | ||||||
| Investments | Number of Rights | Value ($) | ||||||
| RIGHTS - 0.0%(a) | ||||||||
| IT Services - 0.0%(a) | ||||||||
| Flexion, Inc., CVR *‡(b) (Cost $27,802) | 44,841 | — | ||||||
| Investments | Shares | Value ($) | ||||||
| SHORT-TERM INVESTMENTS - 4.2% | ||||||||
| INVESTMENT COMPANIES - 4.2% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (c) (Cost $67,449,178) | 67,449,178 | 67,449,178 | ||||||
| Total Investments - 99.7% (Cost $1,400,610,980) | 1,600,260,379 | |||||||
| Other assets less liabilities - 0.3% | 4,990,968 | |||||||
| Net Assets - 100.0% | 1,605,251,347 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Represents less than 0.05% of net assets. |
| (b) | Security fair valued as of July 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2025 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
| (c) | Represents 7-day effective yield as of July 31, 2025. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |
| SPDR | Standard & Poor's Depositary Receipt |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Aerospace & Defense | 2.6 | % | ||
| Air Freight & Logistics | 0.5 | |||
| Automobile Components | 0.5 | |||
| Banks | 4.3 | |||
| Biotechnology | 0.3 | |||
| Building Products | 2.1 | |||
| Capital Markets | 0.8 | |||
| Chemicals | 2.5 | |||
| Commercial Services & Supplies | 2.4 | |||
| Communications Equipment | 3.4 | |||
| Construction & Engineering | 2.7 | |||
| Construction Materials | 0.2 | |||
| Consumer Staples Distribution & Retail | 0.6 | |||
| Containers & Packaging | 0.5 | |||
| Diversified Consumer Services | 1.6 | |||
| Electrical Equipment | 0.8 | |||
| Electronic Equipment,Instruments & Components | 6.4 | |||
| Energy Equipment & Services | 2.3 | |||
| Equity Funds | 0.3 | |||
| Financial Services | 1.8 | |||
| Food Products | 2.3 | |||
| Gas Utilities | 0.4 | |||
| Ground Transportation | 1.1 | |||
| Health Care Equipment & Supplies | 2.8 | |||
| Health Care Providers & Services | 4.5 | |||
| Health Care REITs | 0.2 | |||
| Health Care Technology | 0.6 | |||
| Hotels, Restaurants & Leisure | 2.1 | |||
| Household Durables | 3.9 | |||
| Household Products | 0.6 | |||
| Insurance | 3.0 | |||
| Interactive Media & Services | 1.4 | |||
| IT Services | 0.3 | |||
| Leisure Products | 0.8 | |||
| Machinery | 5.6 | |||
| Media | 1.6 | |||
| Metals & Mining | 4.0 | |||
| Multi-Utilities | 0.4 | |||
| Oil, Gas & Consumable Fuels | 5.6 | |||
| Paper & Forest Products | 1.0 | |||
| Passenger Airlines | 0.3 | |||
| Personal Care Products | 0.1 | |||
| Pharmaceuticals | 0.2 | |||
| Professional Services | 0.5 | |||
| Real Estate Management & Development | 1.0 | |||
| Residential REITs | 0.5 | |||
| Retail REITs | 0.9 | |||
| Semiconductors & Semiconductor Equipment | 4.4 | |||
| Software | 0.8 | |||
| Specialized REITs | 0.8 | |||
| Specialty Retail | 2.9 | |||
| Technology Hardware, Storage & Peripherals | 0.3 | |||
| Textiles, Apparel & Luxury Goods | 0.3 | |||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Trading Companies & Distributors | 3.7 | % | ||
| Short-Term Investments | 4.2 | |||
| Total Investments | 99.7 | % | ||
| Affiliated Securities | |||||||||||||||||||||||||||||||
| Security Description | Market Value October 31, 2024 | Purchases
at Cost | Proceeds from Sales | Net Realized Gains (Loss) | Change in Unrealized Appreciation/Depreciation | Market Value July 31, 2025 | Shares at July 31, 2025 | Dividend Income | |||||||||||||||||||||||
| Common Stocks 0.2% | |||||||||||||||||||||||||||||||
| United States 0.2% | |||||||||||||||||||||||||||||||
| Amtech Systems, Inc.*^ | $ | 4,023,077 | $ | 117,845 | $ | (166,894 | ) | $ | (235,763 | ) | $ | (437,284 | ) | $ | 3,300,981 | 701,590 | $ | — | |||||||||||||
| Total Common Stocks | 4,023,077 | 117,845 | (166,894 | ) | (235,763 | ) | (437,284 | ) | 3,300,981 | 701,590 | — | ||||||||||||||||||||
| Total | $ | 4,023,077 | $ | 117,845 | $ | (166,894 | ) | $ | (235,763 | ) | $ | (437,284 | ) | $ | 3,300,981 | 701,590 | $ | — | |||||||||||||
| * | Non-income producing security. |
| ^ | Represents an unaffiliated issuer as of July 31, 2025. |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 96.4% | ||||||||
| Aerospace & Defense - 2.0% | ||||||||
| Curtiss-Wright Corp. | 1,756 | 860,826 | ||||||
| Air Freight & Logistics - 0.8% | ||||||||
| GXO Logistics, Inc. * | 7,211 | 358,459 | ||||||
| Automobile Components - 0.5% | ||||||||
| Goodyear Tire & Rubber Co. (The) * | 20,999 | 215,870 | ||||||
| Banks - 2.5% | ||||||||
| Webster Financial Corp. | 19,100 | 1,101,115 | ||||||
| Biotechnology - 2.0% | ||||||||
| CareDx, Inc. * | 23,015 | 282,739 | ||||||
| Exelixis, Inc. * | 16,271 | 589,336 | ||||||
| 872,075 | ||||||||
| Building Products - 1.4% | ||||||||
| Lennox International, Inc. | 977 | 594,993 | ||||||
| Capital Markets - 5.6% | ||||||||
| Evercore, Inc., Class A | 4,090 | 1,231,663 | ||||||
| Houlihan Lokey, Inc., Class A | 4,002 | 763,021 | ||||||
| Raymond James Financial, Inc. | 2,643 | 441,724 | ||||||
| 2,436,408 | ||||||||
| Communications Equipment - 1.3% | ||||||||
| Ciena Corp. * | 6,300 | 584,892 | ||||||
| Construction & Engineering - 5.2% | ||||||||
| Arcosa, Inc. | 1,796 | 154,241 | ||||||
| Dycom Industries, Inc. * | 3,912 | 1,051,585 | ||||||
| Quanta Services, Inc. | 2,618 | 1,063,248 | ||||||
| 2,269,074 | ||||||||
| Construction Materials - 1.5% | ||||||||
| James Hardie Industries plc, ADR * | 17,876 | 463,703 | ||||||
| Titan America SA (Belgium) | 13,525 | 194,084 | ||||||
| 657,787 | ||||||||
| Consumer Staples Distribution & Retail - 4.8% | ||||||||
| Casey's General Stores, Inc. | 1,093 | 568,502 | ||||||
| Chefs' Warehouse, Inc. (The) * | 9,979 | 684,160 | ||||||
| Performance Food Group Co. * | 8,400 | 843,360 | ||||||
| 2,096,022 | ||||||||
| Electrical Equipment - 4.4% | ||||||||
| Generac Holdings, Inc. * | 5,835 | 1,136,016 | ||||||
| nVent Electric plc | 10,000 | 784,200 | ||||||
| 1,920,216 | ||||||||
| Electronic Equipment, Instruments & Components - 10.9% | ||||||||
| Avnet, Inc. | 5,328 | 282,064 | ||||||
| Belden, Inc. | 5,275 | 652,254 | ||||||
| Coherent Corp. * | 8,701 | 936,228 | ||||||
| Fabrinet (Thailand) * | 3,136 | 1,015,217 | ||||||
| Flex Ltd. * | 19,248 | 959,898 | ||||||
| OSI Systems, Inc. * | 2,545 | 562,470 | ||||||
| Trimble, Inc. * | 4,503 | 377,757 | ||||||
| 4,785,888 | ||||||||
| Entertainment - 0.2% | ||||||||
| Roku, Inc., Class A * | 1,000 | 94,160 | ||||||
| Financial Services - 5.1% | ||||||||
| MGIC Investment Corp. | 18,425 | 477,207 | ||||||
| Radian Group, Inc. | 23,931 | 780,390 | ||||||
| Rocket Cos., Inc., Class A | 57,500 | 849,275 | ||||||
| Walker & Dunlop, Inc. | 1,392 | 104,414 | ||||||
| 2,211,286 | ||||||||
| Food Products - 1.5% | ||||||||
| Ingredion, Inc. | 4,982 | 655,332 | ||||||
| Ground Transportation - 1.1% | ||||||||
| XPO, Inc. * | 3,885 | 467,327 | ||||||
| Health Care Equipment & Supplies - 0.3% | ||||||||
| Zimmer Biomet Holdings, Inc. | 1,636 | 149,939 | ||||||
| Health Care Providers & Services - 7.4% | ||||||||
| Cardinal Health, Inc. | 7,829 | 1,215,218 | ||||||
| Ensign Group, Inc. (The) | 1,125 | 168,750 | ||||||
| Quest Diagnostics, Inc. | 3,835 | 642,017 | ||||||
| Tenet Healthcare Corp. * | 7,533 | 1,214,922 | ||||||
| 3,240,907 | ||||||||
| Hotels, Restaurants & Leisure - 5.7% | ||||||||
| Aramark | 12,485 | 531,362 | ||||||
| Cheesecake Factory, Inc. (The) | 15,215 | 972,391 | ||||||
| Denny's Corp. * | 41,248 | 153,442 | ||||||
| Texas Roadhouse, Inc., Class A | 4,615 | 854,375 | ||||||
| 2,511,570 | ||||||||
| Household Durables - 4.1% | ||||||||
| Beazer Homes USA, Inc. * | 24,580 | 577,630 | ||||||
| Century Communities, Inc. | 2,000 | 112,580 | ||||||
| SharkNinja, Inc. * | 6,500 | 754,650 | ||||||
| Toll Brothers, Inc. | 3,091 | 365,851 | ||||||
| 1,810,711 | ||||||||
| Insurance - 3.3% | ||||||||
| Axis Capital Holdings Ltd. | 7,512 | 704,926 | ||||||
| Old Republic International Corp. | 20,760 | 750,889 | ||||||
| 1,455,815 | ||||||||
| IT Services - 1.7% | ||||||||
| Kyndryl Holdings, Inc. * | 20,000 | 755,400 | ||||||
| Life Sciences Tools & Services - 1.2% | ||||||||
| Bio-Rad Laboratories, Inc., Class A * | 2,208 | 534,226 | ||||||
| Machinery - 6.6% | ||||||||
| Chart Industries, Inc. * | 5,980 | 1,189,004 | ||||||
| Donaldson Co., Inc. | 4,200 | 302,274 | ||||||
| Dover Corp. | 3,514 | 636,526 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)
Investments | Shares | Value ($) | ||||||
| Enpro, Inc. | 3,515 | 746,621 | ||||||
| 2,874,425 | ||||||||
| Multi-Utilities - 0.4% | ||||||||
| Black Hills Corp. | 3,030 | 175,073 | ||||||
| Oil, Gas & Consumable Fuels - 5.1% | ||||||||
| Expand Energy Corp. | 8,674 | 908,862 | ||||||
| HF Sinclair Corp. | 3,891 | 170,970 | ||||||
| Matador Resources Co. | 13,637 | 680,214 | ||||||
| Permian Resources Corp., Class A | 33,871 | 479,613 | ||||||
| 2,239,659 | ||||||||
| Passenger Airlines - 1.8% | ||||||||
| Delta Air Lines, Inc. | 12,694 | 675,448 | ||||||
| Southwest Airlines Co. | 4,000 | 123,720 | ||||||
| 799,168 | ||||||||
| Personal Care Products - 0.5% | ||||||||
| Coty, Inc., Class A * | 48,074 | 233,159 | ||||||
| Specialty Retail - 3.7% | ||||||||
| Lithia Motors, Inc., Class A | 1,644 | 473,472 | ||||||
| RH * | 575 | 118,231 | ||||||
| Shoe Carnival, Inc. | 4,997 | 102,239 | ||||||
| Warby Parker, Inc., Class A * | 39,200 | 938,840 | ||||||
| 1,632,782 | ||||||||
| Textiles, Apparel & Luxury Goods - 0.8% | ||||||||
| Deckers Outdoor Corp. * | 3,225 | 342,398 | ||||||
| Trading Companies & Distributors - 3.0% | ||||||||
| Air Lease Corp., Class A | 14,992 | 830,557 | ||||||
| QXO, Inc. * | 24,000 | 481,440 | ||||||
| 1,311,997 | ||||||||
| TOTAL COMMON STOCKS (Cost $29,817,666) | 42,248,959 | |||||||
| SHORT-TERM INVESTMENTS - 3.4% | ||||||||
| INVESTMENT COMPANIES - 3.4% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (a) (Cost $1,490,027) | 1,490,027 | 1,490,027 | ||||||
| Total Investments - 99.8% (Cost $31,307,693) | 43,738,986 | |||||||
| Other assets less liabilities - 0.2% | 83,705 | |||||||
| Net Assets - 100.0% | 43,822,691 |
| * | Non-income producing security. |
| (a) | Represents 7-day effective yield as of July 31, 2025. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Aerospace & Defense | 2.0 | % | ||
| Air Freight & Logistics | 0.8 | |||
| Automobile Components | 0.5 | |||
| Banks | 2.5 | |||
| Biotechnology | 2.0 | |||
| Building Products | 1.4 | |||
| Capital Markets | 5.6 | |||
| Communications Equipment | 1.3 | |||
| Construction & Engineering | 5.2 | |||
| Construction Materials | 1.5 | |||
| Consumer Staples Distribution & Retail | 4.8 | |||
| Electrical Equipment | 4.4 | |||
| Electronic Equipment,Instruments & Components | 10.9 | |||
| Entertainment | 0.2 | |||
| Financial Services | 5.1 | |||
| Food Products | 1.5 | |||
| Ground Transportation | 1.1 | |||
| Health Care Equipment & Supplies | 0.3 | |||
| Health Care Providers & Services | 7.4 | |||
| Hotels, Restaurants & Leisure | 5.7 | |||
| Household Durables | 4.1 | |||
| Insurance | 3.3 | |||
| IT Services | 1.7 | |||
| Life Sciences Tools & Services | 1.2 | |||
| Machinery | 6.6 | |||
| Multi-Utilities | 0.4 | |||
| Oil, Gas & Consumable Fuels | 5.1 | |||
| Passenger Airlines | 1.8 | |||
| Personal Care Products | 0.5 | |||
| Specialty Retail | 3.7 | |||
| Textiles, Apparel & Luxury Goods | 0.8 | |||
| Trading Companies & Distributors | 3.0 | |||
| Short-Term Investments | 3.4 | |||
| Total Investments | 99.8 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 92.4% | ||||||||
| Australia - 1.7% | ||||||||
| Glencore plc | 55,820 | 224,024 | ||||||
| Ora Banda Mining Ltd. * | 56,554 | 23,441 | ||||||
| 247,465 | ||||||||
| Belgium - 1.1% | ||||||||
| Shurgard Self Storage Ltd., REIT | 4,063 | 161,229 | ||||||
| Canada - 15.5% | ||||||||
| Agnico Eagle Mines Ltd. | 1,784 | 221,468 | ||||||
| Canadian National Railway Co. | 1,752 | 163,593 | ||||||
| Canadian Pacific Kansas City Ltd. | 2,426 | 178,413 | ||||||
| Franco-Nevada Corp. | 1,781 | 283,706 | ||||||
| G Mining Ventures Corp. * | 2,976 | 34,880 | ||||||
| Imperial Oil Ltd. | 4,129 | 344,272 | ||||||
| Nutrien Ltd. | 6,241 | 370,289 | ||||||
| TransAlta Corp. | 15,230 | 183,230 | ||||||
| Wheaton Precious Metals Corp. | 5,915 | 540,956 | ||||||
| 2,320,807 | ||||||||
| China - 3.5% | ||||||||
| Contemporary Amperex Technology Co. Ltd., Class H * | 2,800 | 144,887 | ||||||
| GDS Holdings Ltd., Class A * | 85,000 | 383,073 | ||||||
| 527,960 | ||||||||
| Faroe Islands - 1.0% | ||||||||
| Bakkafrost P/F | 3,802 | 151,868 | ||||||
| France - 0.5% | ||||||||
| Air Liquide SA | 411 | 80,859 | ||||||
| Germany - 2.1% | ||||||||
| FUCHS SE (Preference) | 6,778 | 310,163 | ||||||
| Hong Kong - 4.4% | ||||||||
| CK Asset Holdings Ltd. | 33,000 | 151,213 | ||||||
| Guoco Group Ltd. (a) | 15,000 | 141,592 | ||||||
| Hongkong Land Holdings Ltd. | 60,700 | 367,235 | ||||||
| 660,040 | ||||||||
| Indonesia - 1.3% | ||||||||
| United Tractors Tbk. PT | 133,788 | 196,042 | ||||||
| Japan - 3.6% | ||||||||
| Kansai Paint Co. Ltd. | 18,800 | 266,206 | ||||||
| Komatsu Ltd. | 6,700 | 215,860 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 2,200 | 63,309 | ||||||
| 545,375 | ||||||||
| Mexico - 8.9% | ||||||||
| FIBRA Macquarie Mexico, REIT (b) | 178,760 | 293,369 | ||||||
| GCC SAB de CV | 26,808 | 250,502 | ||||||
| GMexico Transportes SAB de CV (b) | 96,735 | 166,652 | ||||||
| Grupo Mexico SAB de CV, Series B | 63,460 | 397,243 | ||||||
| Prologis Property Mexico SA de CV, REIT | 61,072 | 229,558 | ||||||
| 1,337,324 | ||||||||
| Russia - 0.0% | ||||||||
| Alrosa PJSC ‡(c) | 48,132 | — | ||||||
| Singapore - 0.2% | ||||||||
| Sheng Siong Group Ltd. | 22,300 | 35,999 | ||||||
| South Korea - 2.0% | ||||||||
| Samsung Electronics Co. Ltd. (Preference) | 7,390 | 304,279 | ||||||
| Switzerland - 0.7% | ||||||||
| Barry Callebaut AG (Registered) | 82 | 99,860 | ||||||
| United Kingdom - 10.3% | ||||||||
| Ashtead Group plc | 3,769 | 251,812 | ||||||
| Big Yellow Group plc, REIT | 22,086 | 272,312 | ||||||
| Cranswick plc | 2,574 | 180,265 | ||||||
| Derwent London plc, REIT | 6,921 | 176,407 | ||||||
| Great Portland Estates plc, REIT | 50,831 | 227,906 | ||||||
| Shell plc | 11,876 | 427,965 | ||||||
| 1,536,667 | ||||||||
| United States - 35.6% | ||||||||
| American Water Works Co., Inc. | 451 | 63,248 | ||||||
| BXP, Inc., REIT | 2,158 | 141,198 | ||||||
| Carlisle Cos., Inc. | 401 | 142,239 | ||||||
| Comcast Corp., Class A | 4,002 | 132,986 | ||||||
| CRH plc | 4,020 | 380,981 | ||||||
| Cummins, Inc. | 499 | 183,442 | ||||||
| Deere & Co. | 227 | 119,032 | ||||||
| Dominion Energy, Inc. | 4,550 | 265,948 | ||||||
| Douglas Emmett, Inc., REIT | 15,483 | 234,722 | ||||||
| EastGroup Properties, Inc., REIT | 825 | 134,673 | ||||||
| Equinix, Inc., REIT | 86 | 67,525 | ||||||
| Equity Residential, REIT | 2,251 | 142,263 | ||||||
| Extra Space Storage, Inc., REIT | 2,335 | 313,731 | ||||||
| Exxon Mobil Corp. | 529 | 59,058 | ||||||
| HCA Healthcare, Inc. | 1,154 | 408,504 | ||||||
| IDACORP, Inc. | 2,002 | 250,911 | ||||||
| Noble Corp. plc | 10,846 | 290,781 | ||||||
| ONEOK, Inc. | 4,681 | 384,357 | ||||||
| PulteGroup, Inc. | 2,869 | 323,967 | ||||||
| Reliance, Inc. | 787 | 228,332 | ||||||
| RPM International, Inc. | 1,295 | 152,046 | ||||||
| Schlumberger NV | 3,560 | 120,328 | ||||||
| TXNM Energy, Inc. | 5,387 | 305,928 | ||||||
| UGI Corp. | 8,545 | 309,158 | ||||||
| Williams Cos., Inc. (The) | 3,165 | 189,742 | ||||||
| 5,345,100 | ||||||||
| TOTAL COMMON STOCKS (Cost $12,293,164) | 13,861,037 | |||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Shares | Value ($) | ||||||
| MASTER LIMITED PARTNERSHIPS - 4.5% | ||||||||
| United States - 4.5% | ||||||||
| Black Stone Minerals LP | 17,495 | 219,212 | ||||||
| Enterprise Products Partners LP | 15,002 | 464,912 | ||||||
| TOTAL MASTER LIMITED PARTNERSHIPS (Cost 635,613) | 684,124 |
| Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 2.2% | ||||||||
| Gold bullion* (Cost $274,172) | 100 | 329,423 |
| Investments | Shares | Value ($) | ||||||
| EXCHANGE TRADED FUNDS - 1.2% | ||||||||
| United States - 1.2% | ||||||||
| iShares Gold Trust (Cost $161,415) | 2,991 | 185,472 | ||||||
| Short-Term Investment - 0.8% | ||||||||
| INVESTMENT COMPANIES - 0.8% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (d) (Cost $115,302) | 115,302 | 115,302 | ||||||
| Total Investments - 101.1% (Cost $13,479,666) | 15,175,358 | |||||||
| Liabilities in excess of other assets - (1.1)% | (171,182 | ) | ||||||
| Net Assets - 100.0% | 15,004,176 |
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
(a) Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at July 31, 2025 amounted to $141,592, which represents approximately 0.94% of net assets of the Fund.
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| Guoco Group Ltd. | 01/17/2023-01/31/2024 | $ | 131,016 | $ | 9.44 | |||||
| (b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | Security fair valued as of July 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2025 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
| (d) | Represents 7-day effective yield as of July 31, 2025. |
| Abbreviations | |
| PJSC | Public Joint Stock Company |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Building Products | 0.9 | % | ||
| Chemicals | 8.3 | |||
| Commodities | 2.2 | |||
| Commodity Funds | 1.2 | |||
| Construction Materials | 4.2 | |||
| Consumer Staples Distribution & Retail | 0.2 | |||
| Electric Utilities | 3.7 | |||
| Electrical Equipment | 1.0 | |||
| Energy Equipment & Services | 2.7 | |||
| Food Products | 2.9 | |||
| Gas Utilities | 2.1 | |||
| Ground Transportation | 3.4 | |||
| Health Care Providers & Services | 2.7 | |||
| Household Durables | 2.2 | |||
| Independent Power and Renewable Electricity Producers | 1.2 | |||
| Industrial Conglomerates | 0.9 | |||
| Industrial REITs | 4.4 | |||
| IT Services | 2.5 | |||
| Machinery | 3.4 | |||
| Media | 0.9 | |||
| Metals & Mining | 13.0 | |||
| Multi-Utilities | 1.8 | |||
| Office REITs | 5.2 | |||
| Oil, Gas & Consumable Fuels | 15.3 | |||
| Real Estate Management & Development | 3.5 | |||
| Residential REITs | 0.9 | |||
| Specialized REITs | 5.5 | |||
| Technology Hardware, Storage & Peripherals | 2.0 | |||
| Trading Companies & Distributors | 1.7 | |||
| Water Utilities | 0.4 | |||
| Short-Term Investments | 0.8 | |||
| Total Investments | 101.1 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| MUNICIPAL BONDS - 112.6% | ||||||||
| Alabama 0.7% | ||||||||
| Alabama Housing Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2024 C, 4.70%, 10/01/2054 (a) | 7,500,000 | 7,001,122 | ||||||
| Homewood Educational Building Authority, | ||||||||
| CHF - Horizons I LLC, Revenue, Series 2024 A, 5.50%, 10/01/2049 | 2,000,000 | 1,970,311 | ||||||
| CHF - Horizons I LLC, Revenue, Series 2024 A, 5.50%, 10/01/2054 | 11,020,000 | 10,749,458 | ||||||
| CHF - Horizons II LLC, Revenue, Series 2024 C, 5.50%, 10/01/2049 | 1,615,000 | 1,591,027 | ||||||
| CHF - Horizons II LLC, Revenue, Series 2024 C, 5.50%, 10/01/2054 | 10,575,000 | 10,315,383 | ||||||
| CHF - Horizons II LLC, Revenue, Series 2024 C, 5.00%, 10/01/2056 | 7,505,000 | 6,748,803 | ||||||
| Walker County Economic & Industrial Development Authority, | ||||||||
| Alabama Power Co., Revenue, First Series, AMT, Series 2023, 2.90%, 08/01/2025 (b)(c) | 11,000,000 | 11,000,000 | ||||||
| 49,376,104 | ||||||||
| American Samoa 0.0%(d) | ||||||||
| American Samoa Economic Development Authority, | ||||||||
| Revenue, Series 2018, 6.50%, 09/01/2028 (e) | 150,000 | 156,266 | ||||||
| Revenue, Series 2021 A, 5.00%, 09/01/2038 (e) | 1,000,000 | 976,202 | ||||||
| 1,132,468 | ||||||||
| Arizona 2.0% | ||||||||
| Arizona Industrial Development Authority, | ||||||||
| Revenue, Refunding, GNMA Insured, Series 2024 C, 4.65%, 10/01/2049 | 1,000,000 | 945,123 | ||||||
| Revenue, Refunding, GNMA Insured, Series 2024 C, 4.70%, 10/01/2054 | 1,095,000 | 1,025,034 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 5.00%, 10/01/2045 | 2,100,000 | 2,074,369 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 5.10%, 10/01/2050 | 3,500,000 | 3,487,257 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 5.15%, 10/01/2053 | 1,350,000 | 1,351,622 | ||||||
| Doral Academy of Northern Nevada Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 07/15/2051 (e) | 2,115,000 | 1,475,278 | ||||||
| Great Lakes Senior Living Communities LLC, Revenue, Series 2025 A2, 5.13%, 01/01/2059 | 29,500,000 | 26,693,659 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 5.75%, 03/01/2035 (e) | 1,275,000 | 1,282,695 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.88%, 03/01/2055 (e) | 16,500,000 | 15,944,353 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.75%, 03/01/2065 (e) | 19,000,000 | 17,663,992 | ||||||
| KIPP Nashville Obligated Group, Revenue, Series 2022 A, 5.00%, 07/01/2062 | 2,160,000 | 1,920,743 | ||||||
| Mater Academy of Nevada Obligated Group, Revenue, Series 2020 A, 5.00%, 12/15/2040 (e) | 1,840,000 | 1,717,346 | ||||||
| San Tan Montessori School, Inc. Obligated Group, Revenue, Refunding, Series 2025, 6.88%, 02/01/2065 (e) | 10,000,000 | 9,584,501 | ||||||
| Floreo at Teravalis Community Facilities District, | ||||||||
| Floreo at Teravalis Community Facilities District Special Assessment Dist No. 1, Special Assessment, Series 2025, 5.75%, 07/01/2040 (f) | 1,469,000 | 1,471,620 | ||||||
| Floreo at Teravalis Community Facilities District Special Assessment Dist No. 1, Special Assessment, Series 2025, 6.13%, 07/01/2045 (f) | 1,958,000 | 1,960,863 | ||||||
| Industrial Development Authority of the County of Pima (The), | ||||||||
| Revenue, GNMA Insured, Series 2024 D-1, 4.60%, 07/01/2049 | 475,000 | 442,799 | ||||||
| Revenue, GNMA Insured, Series 2024 D-1, 4.65%, 07/01/2054 | 575,000 | 532,576 | ||||||
| Maricopa County & Phoenix Industrial Development Authorities, | ||||||||
| Revenue, GNMA Insured, Series 2025 A, 4.70%, 09/01/2055 | 2,750,000 | 2,534,292 | ||||||
| Maricopa County Industrial Development Authority, | ||||||||
| Arizona Christian University, Revenue, Series 2024 A, 6.38%, 10/01/2041 (b)(e)(g) | 8,400,000 | 7,861,350 | ||||||
| Choice Academies, Inc., Revenue, Refunding, Series 2022, 5.75%, 09/01/2045 (e) | 2,275,000 | 2,205,912 | ||||||
| Morrison Education Group Obligated Group, Revenue, Refunding, Series 2024 A, 6.75%, 07/01/2063 (e) | 2,000,000 | 2,007,234 | ||||||
| Paragon Management, Inc., Revenue, Series 2025, 5.63%, 07/01/2045 (e) | 535,000 | 515,305 | ||||||
| Paragon Management, Inc., Revenue, Series 2025, 5.88%, 07/01/2060 (e) | 1,060,000 | 1,010,465 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Arizona | ||||||||
| Prescott Valley Charter School, Revenue, Series 2024, 6.50%, 07/01/2039 (e) | 380,000 | 365,099 | ||||||
| Prescott Valley Charter School, Revenue, Series 2024, 7.13%, 07/01/2054 (e) | 2,000,000 | 1,836,906 | ||||||
| Prescott Valley Charter School, Revenue, Series 2024, 7.38%, 07/01/2063 (e) | 4,850,000 | 4,440,255 | ||||||
| Sierra Vista Industrial Development Authority, | ||||||||
| American Leadership Academy, Inc., Revenue, Series 2024, 5.00%, 06/15/2054 (e) | 6,630,000 | 5,604,930 | ||||||
| American Leadership Academy, Inc., Revenue, Series 2024, 5.00%, 06/15/2064 (e) | 5,770,000 | 4,740,037 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 5.38%, 06/15/2034 (e) | 320,000 | 328,923 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (e) | 550,000 | 550,041 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 6.30%, 06/15/2054 (e) | 1,120,000 | 1,128,825 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 6.38%, 06/15/2064 (e) | 1,640,000 | 1,650,073 | ||||||
| Wake Preparatory Academy, Revenue, Series 2025, 6.50%, 06/15/2060 | 5,000,000 | 4,902,311 | ||||||
| Superstition Vistas, | ||||||||
| Community Facilities District No. 1 Assessment Area 3, Special Assessment, Series 2024, 5.80%, 07/01/2048 | 348,000 | 332,019 | ||||||
| Superstition Vistas Community Facilities District No. 1, | ||||||||
| Assessment Area 4, Special Assessment, Series 2024, 4.70%, 07/01/2039 | 75,000 | 69,104 | ||||||
| Assessment Area 4, Special Assessment, Series 2024, 5.25%, 07/01/2049 | 325,000 | 287,811 | ||||||
| Assessment Area 5, Special Assessment, Series 2025, 6.20%, 07/01/2049 | 469,000 | 467,168 | ||||||
| Superstition Vistas Community Facilities District No. 1 Assessment Area 5, Special Assessment, Series 2025, 5.15%, 07/01/2035 | 219,000 | 220,366 | ||||||
| Superstition Vistas Community Facilities District No. 1 Assessment Area 5, Special Assessment, Series 2025, 5.60%, 07/01/2040 | 172,000 | 172,834 | ||||||
| Superstition Vistas Community Facilities District No. 2, | ||||||||
| Superstition Vistas Community Facilities District No. 2 Assessment Area 2, Special Assessment, Series 2025, 5.20%, 07/01/2035 | 210,000 | 210,616 | ||||||
| Superstition Vistas Community Facilities District No. 2 Assessment Area 2, Special Assessment, Series 2025, 6.30%, 07/01/2049 | 441,000 | 437,682 | ||||||
| Tempe Industrial Development Authority, | ||||||||
| Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2050 | 1,905,000 | 1,652,053 | ||||||
| Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2054 | 2,250,000 | 1,917,302 | ||||||
| Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2038 | 250,000 | 224,553 | ||||||
| Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2046 | 6,555,000 | 5,258,474 | ||||||
| Tempe Life Care Village Obligated Group, Revenue, Series 2021 B, 4.00%, 12/01/2056 | 2,130,000 | 1,570,697 | ||||||
| Town of Florence, | ||||||||
| Merrill Ranch Community Facilities District No. 1 Assmnt Area No. 11, Special Assessment, 5.00%, 07/01/2039 | 125,000 | 120,547 | ||||||
| Merrill Ranch Community Facilities District No. 1 Assmnt Area No. 11, Special Assessment, 5.60%, 07/01/2049 | 435,000 | 403,616 | ||||||
| Merrill Ranch Community Facilities District No. 2 Assessment Area 11, Special Assessment, 5.00%, 07/01/2039 | 75,000 | 72,400 | ||||||
| Merrill Ranch Community Facilities District No. 2 Assessment Area 11, Special Assessment, 5.60%, 07/01/2049 | 275,000 | 255,159 | ||||||
| Westpark Community Facilities District, | ||||||||
| Westpark Community Facilities District Special Assessment District No. 2, Special Assessment, Series 2025, 5.15%, 07/01/2035 (f) | 579,000 | 580,069 | ||||||
| Westpark Community Facilities District Special Assessment District No. 2, Special Assessment, Series 2025, 6.13%, 07/01/2045 (f) | 982,000 | 984,158 | ||||||
| 146,492,416 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Arkansas 0.6% | ||||||||
| Arkansas Development Finance Authority, | ||||||||
| Hybar LLC, Revenue, AMT, Series 2023 B, 7.37%, 07/01/2048 (e) | 11,250,000 | 12,108,942 | ||||||
| United States Steel Corp., Revenue, AMT, Series 2023, 5.70%, 05/01/2053 | 250,000 | 250,804 | ||||||
| Batesville Public Facilities Board, | ||||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.00%, 06/01/2028 | 1,040,000 | 988,765 | ||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.25%, 04/01/2032 | 395,000 | 349,995 | ||||||
| City of Brookland, | ||||||||
| Revenue, Series 2025, 4.75%, 04/01/2045 | 285,000 | 258,896 | ||||||
| Clarksville Public Educational Facilities Board, | ||||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.00%, 08/01/2044 | 1,080,000 | 1,088,187 | ||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2049 | 3,365,000 | 3,393,097 | ||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2056 | 7,800,000 | 7,821,667 | ||||||
| County of Jefferson, | ||||||||
| COP, Series 2020, 2.40%, 09/01/2040 | 4,060,000 | 2,571,682 | ||||||
| COP, Series 2020, 2.60%, 09/01/2051 | 5,760,000 | 3,062,262 | ||||||
| County of Johnson, | ||||||||
| Johnson Regional Medical Center, Revenue, Refunding, Series 2018, 4.50%, 11/01/2035 | 3,500,000 | 3,198,169 | ||||||
| Prairie Grove School District No. 23, | ||||||||
| GO, Series 2020, 2.00%, 02/01/2043 | 1,595,000 | 970,854 | ||||||
| 36,063,320 | ||||||||
| California 10.5% | ||||||||
| Antelope Valley Healthcare District, | ||||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 03/01/2046 | 8,375,000 | 7,253,733 | ||||||
| California Community Housing Agency, | ||||||||
| Brio Apartments & Next on Lex Apartments, Revenue, Senior Lien, Series 2021 A-1, 4.00%, 02/01/2056 (e) | 12,800,000 | 9,939,684 | ||||||
| Creekwood Apartments, Revenue, Series 2021 A, 4.00%, 02/01/2056 (e) | 64,255,000 | 39,412,950 | ||||||
| Summit at Sausalito Apartments, Revenue, Series 2021 A-1, 3.00%, 02/01/2057 (e) | 1,000,000 | 638,145 | ||||||
| California County Tobacco Securitization Agency, | ||||||||
| Stanislaus County Tobacco Funding Corp., Revenue, Series 2006 A, 0.00%, 06/01/2046 (h) | 95,610,000 | 20,498,220 | ||||||
| California Housing Finance Agency, | ||||||||
| Revenue, FHA Insured, Series 2025 A, 4.95%, 08/01/2050 | 4,920,000 | 4,760,195 | ||||||
| California Infrastructure & Economic Development Bank, | ||||||||
| Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 A, 9.50%, 01/01/2035 (b)(e)(g) | 112,905,000 | 100,671,156 | ||||||
| La Scuola International School, Revenue, Series 2024, 5.00%, 07/01/2044 (e) | 2,645,000 | 2,409,004 | ||||||
| La Scuola International School, Revenue, Series 2024, 5.13%, 07/01/2054 (e) | 2,100,000 | 1,851,250 | ||||||
| La Scuola International School, Revenue, Series 2024, 5.25%, 07/01/2064 (e) | 8,550,000 | 7,480,044 | ||||||
| Rex & Margaret Fortune School of Education, Revenue, Series 2024 C, 5.00%, 06/01/2038 (e) | 9,400,000 | 8,957,109 | ||||||
| WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (e) | 3,510,000 | 2,902,080 | ||||||
| California Municipal Finance Authority, | ||||||||
| Special Tax, Series 2025 B, 5.00%, 09/01/2045 | 1,220,000 | 1,165,315 | ||||||
| Special Tax, Series 2025 B, 5.13%, 09/01/2050 | 1,220,000 | 1,167,162 | ||||||
| Special Tax, Series 2025 B, 5.13%, 09/01/2055 | 1,735,000 | 1,638,916 | ||||||
| Revenue, Series 2025-1, Class A-2, 3.54%, 02/20/2041 (g) | 31,900,190 | 27,006,940 | ||||||
| Revenue, Series 2025-1, 3.54%, 09/02/2025 (b)(e)(g) | 4,000,000 | 2,378,805 | ||||||
| Barlow Respiratory Hospital Obligated Group, Revenue, Series 2021 A, 4.00%, 09/01/2050 | 5,030,000 | 3,921,389 | ||||||
| BOLD Program, Special Tax, Series 2024 A, 5.13%, 09/01/2054 | 1,000,000 | 956,722 | ||||||
| BOLD Program, Special Tax, Series 2024 B, 5.00%, 09/01/2049 | 1,070,000 | 1,041,996 | ||||||
| BOLD Program, Special Tax, Series 2024 B, 5.00%, 09/01/2054 | 1,250,000 | 1,185,410 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| California | ||||||||
| California Baptist University, Revenue, Refunding, Series 2025 A, 5.38%, 11/01/2045 (e) | 775,000 | 765,804 | ||||||
| California Baptist University, Revenue, Refunding, Series 2025 A, 5.63%, 11/01/2054 (e) | 500,000 | 493,564 | ||||||
| Catalyst Impact Fund 1 LLC, Revenue, Series 2024, Class I, 6.00%, 01/01/2039 (e) | 2,000,000 | 2,013,361 | ||||||
| City of Elk Grove Community Facilities District No. 2023-7 Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2054 | 1,000,000 | 949,740 | ||||||
| Clinicas del Camino Real, Inc., Revenue, Series 2020, 4.00%, 03/01/2040 | 2,750,000 | 2,368,611 | ||||||
| Clinicas del Camino Real, Inc., Revenue, Series 2020, 4.00%, 03/01/2050 | 3,250,000 | 2,522,374 | ||||||
| Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2044 | 325,000 | 315,733 | ||||||
| Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2049 | 670,000 | 640,059 | ||||||
| Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2054 | 800,000 | 746,403 | ||||||
| Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.13%, 09/01/2059 | 1,250,000 | 1,192,262 | ||||||
| John Adams Academy - Roseville, Revenue, Series 2015 A, 5.25%, 10/01/2045 | 1,325,000 | 1,208,570 | ||||||
| John Adams Academy - Roseville, Revenue, Series A, 5.00%, 10/01/2044 | 1,810,000 | 1,611,421 | ||||||
| MWLA, Inc., Revenue, Refunding, Series 2024, 5.25%, 06/01/2044 (e) | 1,000,000 | 910,306 | ||||||
| MWLA, Inc., Revenue, Refunding, Series 2024, 5.50%, 06/01/2054 (e) | 1,250,000 | 1,114,640 | ||||||
| Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2036 (e) | 2,825,000 | 2,694,784 | ||||||
| Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2046 (e) | 7,800,000 | 6,788,235 | ||||||
| Palmdale Aerospace Academy, Inc. (The), Revenue, Series 2016 A, 5.00%, 07/01/2046 (e) | 1,670,000 | 1,463,472 | ||||||
| St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.75%, 05/01/2054 (e) | 710,000 | 687,669 | ||||||
| St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.88%, 05/01/2059 (e) | 695,000 | 680,067 | ||||||
| Vista Charter Public Schools, Inc., Revenue, Series 2014, 6.00%, 07/01/2044 | 2,460,000 | 2,415,970 | ||||||
| Westside Neighborhood School, Revenue, Series 2024, 5.90%, 06/15/2044 (e) | 775,000 | 795,136 | ||||||
| Westside Neighborhood School, Revenue, Series 2024, 6.20%, 06/15/2054 (e) | 3,230,000 | 3,314,338 | ||||||
| Westside Neighborhood School, Revenue, Series 2024, 6.38%, 06/15/2064 (e) | 5,560,000 | 5,729,610 | ||||||
| California Public Finance Authority, | ||||||||
| California University of Science & Medicine Obligated Group, Revenue, Series 2019 A, 6.25%, 07/01/2054 (e) | 1,500,000 | 1,528,423 | ||||||
| EEC, Inc., Revenue, Series 2020 A, 5.00%, 06/15/2050 (e) | 400,000 | 348,138 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 5.63%, 03/01/2035 (e) | 1,255,000 | 1,268,486 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.50%, 03/01/2045 (e) | 14,740,000 | 14,336,624 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.75%, 03/01/2055 (e) | 12,000,000 | 11,700,169 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.63%, 03/01/2065 (e) | 16,500,000 | 15,559,291 | ||||||
| QSH/MB LLC, Revenue, Senior Lien, Series 2025 A-1, 6.75%, 07/01/2065 (e) | 33,000,000 | 33,680,166 | ||||||
| California School Finance Authority, | ||||||||
| Harbor Springs Obligated Group, Revenue, Series 2024 A, 5.63%, 07/01/2063 (e) | 1,000,000 | 978,714 | ||||||
| Integrity Charter School, Revenue, Series 2024, 5.00%, 07/01/2039 (e) | 2,305,000 | 2,186,707 | ||||||
| Integrity Charter School, Revenue, Series 2024, 5.25%, 07/01/2044 (e) | 830,000 | 762,668 | ||||||
| Integrity Charter School, Revenue, Series 2024, 5.50%, 07/01/2054 (e) | 755,000 | 680,462 | ||||||
| Integrity Charter School, Revenue, Series 2024, 5.60%, 07/01/2064 (e) | 4,805,000 | 4,284,871 | ||||||
| New Designs Charter School, Revenue, Refunding, Series 2024 A, 4.75%, 06/01/2044 (e) | 1,000,000 | 899,207 | ||||||
| New Designs Charter School, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2054 (e) | 735,000 | 652,109 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| California | ||||||||
| New Designs Charter School, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2064 (e) | 5,475,000 | 4,724,196 | ||||||
| Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.00%, 06/01/2044 (e) | 2,000,000 | 1,823,531 | ||||||
| Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, Class A, 5.00%, 06/01/2054 (e) | 1,750,000 | 1,521,937 | ||||||
| Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.13%, 06/01/2059 (e) | 4,650,000 | 4,067,217 | ||||||
| Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.13%, 06/01/2064 (e) | 8,380,000 | 7,243,017 | ||||||
| Stockton Collegiate International Schools Obligated Group, Revenue, Series 2024 A, 6.00%, 06/15/2053 (e) | 5,340,000 | 4,766,776 | ||||||
| Stockton Collegiate International Schools Obligated Group, Revenue, Series 2024 B, 7.50%, 06/15/2029 (e) | 300,000 | 300,513 | ||||||
| Sycamore Creek Community Charter School, Revenue, Series 2025 A, 6.75%, 06/01/2064 (e) | 19,235,000 | 17,818,554 | ||||||
| Sycamore Creek Community Charter School, Revenue, Series 2025 B, 11.00%, 06/01/2032 (e) | 640,000 | 647,326 | ||||||
| Vista Charter Public Schools Obligated Group, Revenue, Series 2021 A, 4.00%, 06/01/2051 (e) | 6,790,000 | 5,094,200 | ||||||
| California Statewide Communities Development Authority, | ||||||||
| Special Assessment, Series 2024 A, 5.00%, 09/02/2054 | 1,150,000 | 1,120,350 | ||||||
| Community Facilities District No. 2021-03, Special Tax, Series 2024, 5.00%, 09/01/2049 | 820,000 | 784,426 | ||||||
| Community Facilities District No. 2021-03, Special Tax, Series 2024, 5.00%, 09/01/2054 | 850,000 | 809,687 | ||||||
| Front Porch Communities & Services Obligated Group, Revenue, Refunding, Series 2021 A, 3.00%, 04/01/2051 | 7,000,000 | 4,596,180 | ||||||
| California Statewide Financing Authority, | ||||||||
| Revenue, Series 2006 A, 0.00%, 06/01/2046 (h) | 15,000,000 | 3,548,790 | ||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2037 | 785,000 | 801,943 | ||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043 | 800,000 | 817,192 | ||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 B, 6.00%, 05/01/2037 | 230,000 | 234,964 | ||||||
| Chino Community Facilities District, | ||||||||
| City of Chino Community Facilities District No. 2003-3 Improvement Area No. 10, Special Tax, Series 2024, 5.00%, 09/01/2049 | 680,000 | 654,070 | ||||||
| City & County of San Francisco, | ||||||||
| Infrastructure & Revitalization Financing District No. 1 Facilities Increment, Tax Allocation, Series 2022 A, 5.00%, 09/01/2052 (e) | 1,000,000 | 901,590 | ||||||
| International Airport, Revenue, Second Series, AMT, Series 2025 A, 5.50%, 05/01/2055 (a) | 26,950,000 | 27,802,450 | ||||||
| City of Los Angeles Department of Airports, | ||||||||
| Revenue, AMT, Refunding, Series 2025 A, 5.50%, 05/15/2055 (a) | 59,140,000 | 61,247,330 | ||||||
| Revenue, AMT, Refunding, Series 2025 B, 5.25%, 05/15/2050 (a) | 14,085,000 | 14,317,400 | ||||||
| Revenue, AMT, Refunding, Series 2025 B, 5.50%, 05/15/2055 (a) | 18,025,000 | 18,667,283 | ||||||
| Revenue, AMT, Refunding, Series 2025A, 5.00%, 05/15/2055 (a) | 3,645,000 | 3,560,043 | ||||||
| City of Rancho, | ||||||||
| Mirage Community Facilities District No. 5 Improvement Area No. 1, Special Tax, Series 2024 A, 5.00%, 09/01/2054 | 1,400,000 | 1,323,720 | ||||||
| City of Rancho Cordova, | ||||||||
| Grantline 220 Community Facilities District No. 2023-1 Improvement Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2049 | 550,000 | 537,083 | ||||||
| Grantline 220 Community Facilities District No. 2023-1 Improvement Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2053 | 545,000 | 528,157 | ||||||
| CMFA Special Finance Agency I, | ||||||||
| Mix at CTR City (The), Revenue, Series 2021 A-2, 4.00%, 04/01/2056 (e) | 12,340,000 | 8,905,924 | ||||||
| CSCDA Community Improvement Authority, | ||||||||
| Altana Apartments, Revenue, Series 2021 A-2, 4.00%, 10/01/2056 (e) | 24,965,000 | 18,143,456 | ||||||
| City of Orange Portfolio, Revenue, Senior Lien, Series 2021 A-2, 3.00%, 03/01/2057 (e) | 3,000,000 | 1,896,989 | ||||||
| Escondido Portfolio, Revenue, Series 2021 A-2, 4.00%, 06/01/2058 (e) | 9,875,000 | 7,355,455 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| California | ||||||||
| Link - Glendale (The), Revenue, Series 2021 A-2, 4.00%, 07/01/2056 (e) | 1,295,000 | 943,624 | ||||||
| Millennium South Bay-Hawthorne, Revenue, Series 2021 A-2, 3.25%, 07/01/2056 (e) | 23,865,000 | 14,912,959 | ||||||
| MODA at Monrovia Station, Revenue, Series 2021 A-1, 3.40%, 10/01/2046 (e) | 150,000 | 111,933 | ||||||
| Monterey Station Apartments, Revenue, Senior Lien, Series 2021 A-2, 3.13%, 07/01/2056 (e) | 6,250,000 | 3,908,056 | ||||||
| Oceanaire Apartments, Revenue, Series 2021 A-2, 4.00%, 09/01/2056 (e) | 19,365,000 | 13,637,902 | ||||||
| Renaissance at City Center, Revenue, Series 2020 A, 5.00%, 07/01/2051 (e) | 1,000,000 | 893,968 | ||||||
| Vineyard Garden Apartments, Revenue, Senior Lien, Series 2021 A, 3.25%, 10/01/2058 (e) | 160,000 | 106,018 | ||||||
| Waterscape Apartments, Revenue, Senior Lien, Series 2021 A, 3.00%, 09/01/2056 (e) | 4,950,000 | 3,173,297 | ||||||
| Westgate Apartments, Revenue, Senior Lien, Series 2021 A-1, 3.00%, 06/01/2047 (e) | 2,250,000 | 1,485,769 | ||||||
| Westgate Apartments, Revenue, Senior Lien, Series 2021 A-2, 3.13%, 06/01/2057 (e) | 40,095,000 | 22,786,971 | ||||||
| Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-1, 3.00%, 12/01/2049 (e) | 6,885,000 | 4,388,584 | ||||||
| Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-2, 4.00%, 12/01/2058 (e) | 31,100,000 | 20,790,593 | ||||||
| Folsom Ranch Financing Authority, | ||||||||
| City of Folsom Community Facilities District No. 23 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2049 | 400,000 | 386,333 | ||||||
| City of Folsom Community Facilities District No. 23 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2053 | 460,000 | 439,260 | ||||||
| Golden State Tobacco Securitization Corp., | ||||||||
| Revenue, Refunding, Series 2021 B-2, 0.00%, 06/01/2066 (h) | 50,000,000 | 4,784,480 | ||||||
| Inland Empire Tobacco Securitization Corp., | ||||||||
| Revenue, Series 2007 C-2, 0.00%, 06/01/2047 (h) | 40,000,000 | 6,438,452 | ||||||
| Kaweah Delta Health Care District Guild, | ||||||||
| Revenue, Series 2015 B, 3.25%, 06/01/2030 | 65,000 | 60,870 | ||||||
| Revenue, Series 2015 B, 3.38%, 06/01/2031 | 70,000 | 64,683 | ||||||
| Revenue, Series 2015 B, 3.50%, 06/01/2032 | 125,000 | 114,103 | ||||||
| Revenue, Series 2015 B, 3.50%, 06/01/2033 | 110,000 | 98,309 | ||||||
| Revenue, Series 2015 B, 4.00%, 06/01/2037 | 780,000 | 696,975 | ||||||
| Revenue, Series 2015 B, 5.00%, 06/01/2040 | 3,960,000 | 3,694,241 | ||||||
| Revenue, Series 2015 B, 4.00%, 06/01/2045 | 10,985,000 | 8,521,927 | ||||||
| Mountain House Community Facilities District, | ||||||||
| Community Facilities District No. 2024-1 Improvement Area 6, Special Tax, Series 2025, 5.13%, 09/01/2045 | 275,000 | 267,526 | ||||||
| Community Facilities District No. 2024-1 Improvement Area 6, Special Tax, Series 2025, 5.25%, 09/01/2050 | 400,000 | 391,078 | ||||||
| Community Facilities District No. 2024-1 Improvement Area 6, Special Tax, Series 2025, 5.25%, 09/01/2055 | 600,000 | 580,305 | ||||||
| River Islands Public Financing Authority, | ||||||||
| Community Facilities District No. 2023-1 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2054 | 2,750,000 | 2,573,347 | ||||||
| Woodland-Davis Clean Water Agency, | ||||||||
| Revenue, Sub. Lien, Refunding, Series 2015 B, 4.70%, 03/01/2039 (e) | 1,533,585 | 1,308,918 | ||||||
| 721,646,619 | ||||||||
| Colorado 2.7% | ||||||||
| Aerotropolis Regional Transportation Authority, | ||||||||
| Revenue, Series 2024, 5.50%, 12/01/2044 (e) | 2,250,000 | 2,154,479 | ||||||
| Revenue, Series 2024, 5.75%, 12/01/2054 (e) | 24,525,000 | 23,721,956 | ||||||
| Canyons Metropolitan District No. 5, | ||||||||
| GO, Refunding, Series 2024 B, 6.50%, 12/15/2054 | 3,400,000 | 3,355,556 | ||||||
| CCP Metropolitan District No. 3, | ||||||||
| GO, Refunding, Series 2024, 5.00%, 12/01/2053 | 1,200,000 | 1,113,290 | ||||||
| Colorado Educational & Cultural Facilities Authority, | ||||||||
| Aspen View Academy, Inc., Revenue, Series 2021, 4.00%, 05/01/2051 | 1,235,000 | 953,696 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Colorado | ||||||||
| Expeditionary Learning School Board of Cooperative Educational Services, Revenue, Series 2019, 5.00%, 03/01/2050 (e) | 2,000,000 | 1,729,723 | ||||||
| Stanley Partnership for Art Culture & Education LLC, Revenue, Senior Lien, Series 2025 A1, 6.88%, 02/01/2059 (e) | 5,000,000 | 5,056,077 | ||||||
| Colorado Health Facilities Authority, | ||||||||
| BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.25%, 09/15/2045 | 3,000,000 | 2,847,951 | ||||||
| BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.50%, 09/15/2054 | 5,255,000 | 4,912,519 | ||||||
| BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.63%, 09/15/2059 | 9,505,000 | 8,944,456 | ||||||
| BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 4.25%, 09/15/2038 | 160,000 | 142,286 | ||||||
| BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 5.00%, 09/15/2048 | 7,000,000 | 6,113,439 | ||||||
| BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 4.50%, 09/15/2038 | 190,000 | 163,410 | ||||||
| BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 5.00%, 09/15/2053 | 200,000 | 157,344 | ||||||
| Covenant Living Communities and Services Obligated Group, Revenue, Refunding, Series 2025 A, 5.13%, 12/01/2055 | 1,445,000 | 1,376,775 | ||||||
| Intermountain Healthcare Obligated Group, Revenue, Series 2022 E, 2.65%, 08/01/2025 (b)(c) | 1,090,000 | 1,090,000 | ||||||
| Colorado High Performance Transportation Enterprise, | ||||||||
| Colorado High Performance Transportation Enterprise C-470 Express Lanes System, Revenue, Series 2017, 5.00%, 12/31/2056 | 455,000 | 419,647 | ||||||
| Colorado Housing and Finance Authority, | ||||||||
| Revenue, Series 2024 A-1, Class I, 4.60%, 10/01/2049 (a) | 2,620,000 | 2,390,346 | ||||||
| Revenue, Series 2024 A-1, Class I, 4.70%, 10/01/2054 (a) | 3,500,000 | 3,214,593 | ||||||
| Revenue, Series 2024 A-1, Class I, 4.80%, 10/01/2059 (a) | 2,765,000 | 2,638,398 | ||||||
| Revenue, Series 2024 A-1, Class I, 4.85%, 10/01/2064 (a) | 2,150,000 | 2,047,456 | ||||||
| Revenue, Series 2024 A-1, Class I, 4.88%, 10/01/2067 (a) | 2,230,000 | 2,112,495 | ||||||
| Denver Health & Hospital Authority, | ||||||||
| Revenue, Series 2025 A, 6.00%, 12/01/2055 | 2,500,000 | 2,611,117 | ||||||
| Elbert County Independence Water & Sanitation District, | ||||||||
| Revenue, Refunding, Series 2024, 5.13%, 12/01/2033 | 3,741,000 | 3,780,608 | ||||||
| Granary Metropolitan District, | ||||||||
| Special Assessment, Series 2024, 5.45%, 12/01/2044 (e) | 3,040,000 | 2,778,739 | ||||||
| Haymeadow Metropolitan District No. 1, | ||||||||
| GO, Series 2025 A, 6.13%, 12/01/2054 | 1,625,000 | 1,627,568 | ||||||
| Hess Ranch Metropolitan District No. 5, | ||||||||
| Special Improvement District No. 1, Special Assessment, Series 2024 A-1, 6.00%, 12/01/2043 | 1,800,000 | 1,791,216 | ||||||
| Special Improvement District No. 1, Special Assessment, Series 2024 A-2, 6.50%, 12/01/2043 | 1,683,319 | 1,675,372 | ||||||
| Independence Metropolitan District, | ||||||||
| GO, Senior Lien, Refunding, Series 2024 A, 5.38%, 12/01/2054 | 5,250,000 | 4,938,452 | ||||||
| Ledge Rock Center Residential Metropolitan District No. 1, | ||||||||
| GO, Series 2024 A, 6.38%, 12/01/2054 | 4,050,000 | 3,872,718 | ||||||
| Mineral Business Improvement District, | ||||||||
| GO, Series 2024 A, 5.75%, 12/01/2054 (e) | 3,125,000 | 2,989,462 | ||||||
| Mirabelle Metropolitan District No. 2, | ||||||||
| GO, Refunding, Series 2025 B, 6.13%, 12/15/2049 | 2,100,000 | 2,001,250 | ||||||
| Murphy Creek Metropolitan District No. 2, | ||||||||
| GO, Series 2024 A, 6.00%, 12/01/2054 (e) | 7,065,000 | 6,468,595 | ||||||
| Newlin Crossing Metropolitan District, | ||||||||
| GO, Series 2024 A, 5.38%, 12/01/2054 (e) | 1,145,000 | 1,057,398 | ||||||
| GO, Series 2024 B, 7.75%, 12/15/2054 (e) | 603,000 | 601,345 | ||||||
| Pinery Commercial Metropolitan District No. 2, | ||||||||
| Revenue, Series 2025, 5.75%, 12/01/2054 | 7,200,000 | 6,784,594 | ||||||
| Pinon Pines Metropolitan District No. 3, | ||||||||
| GO, Series 2025, 0.00%, 12/01/2054 (i) | 4,000,000 | 3,375,058 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Colorado | ||||||||
| Poudre Heights Valley Metropolitan District, | ||||||||
| GO, Series 2024 A, 5.50%, 12/01/2054 (e) | 980,000 | 871,161 | ||||||
| Prairie Center Metropolitan District No. 3, | ||||||||
| GO, Refunding, Series 2024 A, 5.88%, 12/15/2046 | 2,125,000 | 2,173,111 | ||||||
| GO, Series 2024 B, 5.88%, 12/15/2046 | 1,000,000 | 1,022,640 | ||||||
| Ridge at Johnstown Metropolitan District, | ||||||||
| Special Assessment, Series 2024, 5.88%, 12/01/2044 (e) | 2,000,000 | 1,810,488 | ||||||
| Rocky Mountain Rail Park Metropolitan District, | ||||||||
| GO, Series 2021 A, 5.00%, 12/01/2051 (e) | 4,000,000 | 3,515,682 | ||||||
| Sky Dance Metropolitan District No. 2, | ||||||||
| GO, Series 2024 A, 6.00%, 12/01/2054 | 2,500,000 | 2,453,219 | ||||||
| Sky Ranch Community Authority Board, | ||||||||
| GO, Series 2024 B, 6.50%, 12/15/2054 | 550,000 | 543,511 | ||||||
| Sojourn at Idlewild Metropolitan District, | ||||||||
| GO, Series 2025 A, 6.13%, 12/01/2055 (e) | 2,500,000 | 2,505,886 | ||||||
| St Vrain Lakes Metropolitan District No. 2, | ||||||||
| GO, Refunding, Series 2024 B, 6.38%, 11/15/2054 | 2,000,000 | 1,996,010 | ||||||
| St. Vrain Lakes Metropolitan District No. 4, | ||||||||
| GO, Series 2024 A, 0.00%, 09/20/2054 (e) | 17,585,000 | 11,860,636 | ||||||
| STC Metropolitan District No. 2, | ||||||||
| GO, Second Lien, Refunding, Series 2025 A-2, 6.25%, 12/01/2055 (e) | 2,500,000 | 2,518,936 | ||||||
| GO, Refunding, Series 2025 B, 8.00%, 12/15/2055 (e) | 1,840,000 | 1,843,906 | ||||||
| Sterling Ranch Community Authority Board, | ||||||||
| Sterling Ranch Metropolitan District No. 1, Special Assessment, Series 2024, 5.63%, 12/01/2043 | 2,600,000 | 2,559,339 | ||||||
| Sunset Parks Metropolitan District, | ||||||||
| GO, Series 2024 A, 5.13%, 12/01/2054 (e) | 1,415,000 | 1,288,831 | ||||||
| Town of Del Norte, | ||||||||
| Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.20%, 12/01/2039 | 550,000 | 513,229 | ||||||
| Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.70%, 12/01/2049 | 1,375,000 | 1,266,025 | ||||||
| Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.80%, 12/01/2054 | 1,000,000 | 918,028 | ||||||
| Vail Home Partners Corp., | ||||||||
| Revenue, Series 2025, 5.88%, 10/01/2055 (e) | 3,495,000 | 3,418,168 | ||||||
| Revenue, Series 2025, 6.00%, 10/01/2064 (e) | 13,000,000 | 12,742,449 | ||||||
| Water Valley Metropolitan District No. 3, | ||||||||
| GO, Series 2024 A, 5.25%, 12/01/2054 | 600,000 | 553,879 | ||||||
| Waterview North Metropolitan District, | ||||||||
| GO, Series 2024 A, 5.75%, 12/01/2054 (e) | 1,750,000 | 1,587,790 | ||||||
| Weems Neighborhood Metropolitan District, | ||||||||
| GO, Series 2025 A, 5.88%, 12/01/2055 | 1,500,000 | 1,491,421 | ||||||
| 182,463,729 | ||||||||
| Connecticut 1.4% | ||||||||
| Connecticut Housing Finance Authority, | ||||||||
| Revenue, Refunding, Series 2024 F-1, 4.60%, 11/15/2044 (a) | 21,770,000 | 20,904,203 | ||||||
| Revenue, Refunding, Series 2024 F-1, 4.75%, 11/15/2049 (a) | 34,810,000 | 33,225,268 | ||||||
| Revenue, Refunding, Series 2024 F-1, 4.80%, 11/15/2052 (a) | 10,010,000 | 9,652,228 | ||||||
| Connecticut State Health & Educational Facilities Authority, | ||||||||
| Goodwin University Obligated Group, Revenue, Series A-1, 5.00%, 07/01/2044 | 3,000,000 | 2,775,429 | ||||||
| Goodwin University Obligated Group, Revenue, Series A-1, 5.38%, 07/01/2054 | 6,340,000 | 5,772,520 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2044 (e) | 3,850,000 | 3,515,690 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2050 (e) | 1,265,000 | 1,110,624 | ||||||
| Nuvance Health Obligated Group, Revenue, Refunding, Series 2019 A, 3.00%, 07/01/2039 | 365,000 | 277,743 | ||||||
| University of Hartford (The), Revenue, Series 2022 P, 5.38%, 07/01/2052 | 4,200,000 | 3,646,668 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Connecticut | ||||||||
| University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2039 | 240,000 | 196,019 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2049 | 3,965,000 | 2,826,550 | ||||||
| Stamford Housing Authority, | ||||||||
| TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 5.50%, 10/01/2035 | 1,000,000 | 1,016,671 | ||||||
| TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.38%, 10/01/2045 | 2,050,000 | 2,039,993 | ||||||
| TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.50%, 10/01/2055 | 3,220,000 | 3,167,695 | ||||||
| TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.25%, 10/01/2060 | 2,800,000 | 2,639,399 | ||||||
| Steel Point Infrastructure Improvement District, | ||||||||
| Tax Allocation, Series 2024, 5.63%, 04/01/2044 (e) | 1,000,000 | 1,011,079 | ||||||
| Tax Allocation, Series 2024, 6.00%, 04/01/2052 (e) | 2,500,000 | 2,589,194 | ||||||
| 96,366,973 | ||||||||
| Delaware 0.2% | ||||||||
| Delaware State Economic Development Authority, | ||||||||
| ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue, Series 2023B, 5.25%, 11/15/2053 | 1,000,000 | 959,458 | ||||||
| Delaware State Housing Authority, | ||||||||
| Revenue, Senior Lien, GNMA Insured, Series 2025 A, 4.65%, 07/01/2050 | 30,000 | 28,101 | ||||||
| Revenue, Senior Lien, GNMA Insured, Series 2025 A, 4.70%, 07/01/2055 | 1,485,000 | 1,397,904 | ||||||
| Town of Bridgeville, | ||||||||
| Heritage Shores Special Development District, Special Tax, Series 2024, 5.25%, 07/01/2044 (e) | 870,000 | 839,616 | ||||||
| Heritage Shores Special Development District, Special Tax, Series 2024, 5.63%, 07/01/2053 (e) | 3,055,000 | 2,996,747 | ||||||
| Town of Milton, | ||||||||
| Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.70%, 09/01/2044 (e) | 1,265,000 | 1,213,200 | ||||||
| Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.95%, 09/01/2053 (e) | 4,665,000 | 4,514,597 | ||||||
| 11,949,623 | ||||||||
| District of Columbia 1.2% | ||||||||
| District of Columbia, | ||||||||
| Latin American Montessori Bilingual Public Charter School Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 06/01/2050 | 3,220,000 | 2,799,371 | ||||||
| Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2056 (e) | 6,510,000 | 5,469,688 | ||||||
| Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2051 (e) | 4,345,000 | 3,705,055 | ||||||
| Rocketship DC Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2049 (e) | 7,180,000 | 6,195,943 | ||||||
| Rocketship Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2061 (e) | 10,570,000 | 8,774,348 | ||||||
| Rocketship Obligated Group, Revenue, Series 2024 A, 5.75%, 06/01/2054 | 4,100,000 | 3,948,887 | ||||||
| Rocketship Obligated Group, Revenue, Series 2024 A, 6.00%, 06/01/2058 | 2,400,000 | 2,391,763 | ||||||
| Tobacco Settlement Financing Corp., Revenue, Series 2006 A, 0.00%, 06/15/2046 (h) | 20,000,000 | 4,805,438 | ||||||
| Union Market TIF Area, Tax Allocation, Series 2021 A, 0.00%, 06/01/2031 (e) | 2,162,000 | 2,008,343 | ||||||
| Union Market TIF Area, Tax Allocation, Series 2021 A, 0.00%, 06/01/2046 (e) | 8,635,000 | 6,327,385 | ||||||
| Union Market TIF Area, Tax Allocation, Series 2024 B, 0.00%, 06/01/2041 (e) | 6,010,000 | 3,574,720 | ||||||
| Union Market TIF Area, Tax Allocation, Series 2024 B, 0.00%, 06/01/2049 (e) | 14,470,000 | 8,373,705 | ||||||
| Metropolitan Washington Airports Authority Aviation, | ||||||||
| Revenue, AMT, Refunding, Series 2024 A, 5.50%, 10/01/2054 (a) | 11,750,000 | 12,034,556 | ||||||
| Revenue, AMT, Refunding, Series 2025A, 5.00%, 10/01/2050 (a) | 5,590,000 | 5,523,968 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| District of Columbia | ||||||||
| Washington Metropolitan Area Transit Authority Dedicated, | ||||||||
| Revenue, Second Lien, Series 2025 A, 5.00%, 07/15/2060 | 5,785,000 | 5,743,365 | ||||||
| 81,676,535 | ||||||||
| Florida 19.9% | ||||||||
| Academical Village Community Development District, | ||||||||
| Special Assessment, Series 2020, 3.63%, 05/01/2040 | 4,320,000 | 3,523,543 | ||||||
| Alachua County Housing Finance Authority, | ||||||||
| Woodland Park II LLC, Revenue, Series 2025 A, 6.30%, 07/01/2043 (b)(e)(g) | 3,250,000 | 3,214,213 | ||||||
| Anabelle Island Community Development District, | ||||||||
| Special Assessment, Series 2022, 4.00%, 05/01/2052 | 180,000 | 138,741 | ||||||
| Antillia Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.60%, 05/01/2044 | 720,000 | 698,248 | ||||||
| Special Assessment, Series 2024, 5.88%, 05/01/2054 | 1,500,000 | 1,448,590 | ||||||
| Arbors Community Development District, | ||||||||
| Project Area, Special Assessment, Series 2024, 5.50%, 05/01/2055 (e) | 1,000,000 | 945,379 | ||||||
| Arbors Community Development District 2024, | ||||||||
| Project Area, Special Assessment, Series 2024, 5.15%, 05/01/2044 (e) | 875,000 | 832,799 | ||||||
| Ave Maria Stewardship Community District, | ||||||||
| Assessment Phase 5, Special Assessment, Series 2022, 4.00%, 05/01/2042 | 2,445,000 | 2,053,753 | ||||||
| Assessment Phase 5, Special Assessment, Series 2022, 4.00%, 05/01/2052 | 1,000,000 | 756,219 | ||||||
| Ave Maria Stewardship Community District Series 2021 Assessment, Special Assessment, Series 2021, 4.00%, 05/01/2051 | 325,000 | 250,379 | ||||||
| Babcock Ranch Community Independent Special District, | ||||||||
| Assessment Area, Special Assessment, Series 2024, 5.00%, 05/01/2044 (e) | 4,395,000 | 4,131,263 | ||||||
| Assessment Area, Special Assessment, Series 2024, 5.25%, 05/01/2055 (e) | 10,000 | 9,344 | ||||||
| Assessment Area 2, Special Assessment, Series 2022, 5.00%, 05/01/2042 | 15,000 | 14,470 | ||||||
| Assessment Area 2, Special Assessment, Series 2022, 5.00%, 05/01/2053 | 3,175,000 | 2,913,237 | ||||||
| Bella Collina Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2044 | 685,000 | 641,613 | ||||||
| Special Assessment, Series 2024, 5.30%, 05/01/2055 | 915,000 | 847,921 | ||||||
| Bellehaven Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.80%, 05/01/2045 | 1,500,000 | 1,480,354 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.05%, 05/01/2055 | 1,250,000 | 1,232,782 | ||||||
| Berry Bay Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051 | 1,375,000 | 1,071,655 | ||||||
| Berry Bay II Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2044 | 550,000 | 513,308 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2054 | 1,100,000 | 1,005,001 | ||||||
| Bridgewater North Community Development District, | ||||||||
| Special Assessment, Series 2022, 4.00%, 05/01/2052 | 2,000,000 | 1,548,406 | ||||||
| Brightwater Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044 (e) | 655,000 | 626,784 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2055 (e) | 1,450,000 | 1,372,800 | ||||||
| Buckhead Trails Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.60%, 05/01/2044 | 1,000,000 | 954,487 | ||||||
| Special Assessment, Series 2024, 5.88%, 05/01/2054 | 1,675,000 | 1,576,751 | ||||||
| Caldera Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2044 | 1,450,000 | 1,351,759 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2054 | 2,430,000 | 2,186,623 | ||||||
| Capital Projects Finance Authority, | ||||||||
| Heritage Charter Academy, Inc., Revenue, Series 2025 A1, 7.50%, 06/15/2065 (e) | 4,355,000 | 4,239,814 | ||||||
| Heritage Charter Academy, Inc., Revenue, Series 2025 A2, 7.50%, 06/15/2065 (e)(f) | 11,685,000 | 11,361,658 | ||||||
| Heritage Charter Academy, Inc., Revenue, Series 2025 B1, 9.00%, 06/15/2042 (e) | 1,030,000 | 1,030,737 | ||||||
| Heritage Charter Academy, Inc., Revenue, Series 2025 B2, 9.00%, 06/15/2042 (e)(f) | 940,000 | 941,790 | ||||||
| Imagine School At North Port, Inc., Revenue, Series 2025A, 6.75%, 06/15/2065 (e) | 5,000,000 | 4,915,749 | ||||||
| Kissimmee Charter Academy, Revenue, Series 2024, 6.13%, 06/15/2044 (e) | 820,000 | 820,903 | ||||||
| Kissimmee Charter Academy, Revenue, Series 2024, 6.50%, 06/15/2054 (e) | 510,000 | 507,930 | ||||||
| Kissimmee Charter Academy, Revenue, Series 2024, 6.63%, 06/15/2059 (e) | 1,460,000 | 1,463,883 | ||||||
| Navigator Academy of Leadership, Inc. Obligated Group, Revenue, Refunding, Series 2024, 5.00%, 06/15/2054 (e) | 4,800,000 | 4,215,705 | ||||||
| Navigator Academy of Leadership, Inc. Obligated Group, Revenue, Refunding, Series 2024, 5.00%, 06/15/2064 (e) | 1,885,000 | 1,606,374 | ||||||
| PRG - UnionWest Properties LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2049 (e) | 1,900,000 | 1,756,174 | ||||||
| PRG - UnionWest Properties LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2058 (e) | 1,600,000 | 1,442,408 | ||||||
| PRG - UnionWest Properties LLC, Revenue, Series 2024 B, 0.00%, 06/01/2062 (e)(i) | 73,715,000 | 10,012,502 | ||||||
| Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.38%, 01/01/2040 (e) | 1,500,000 | 1,462,051 | ||||||
| Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.75%, 01/01/2045 (e) | 1,500,000 | 1,430,859 | ||||||
| Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 7.25%, 01/01/2055 (e) | 4,500,000 | 4,404,564 | ||||||
| Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 7.13%, 01/01/2065 (e) | 8,000,000 | 7,540,635 | ||||||
| Capital Trust Agency, Inc., | ||||||||
| Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.20%, 08/15/2056 (e) | 2,450,000 | 1,764,424 | ||||||
| Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.25%, 08/15/2061 (e) | 2,250,000 | 1,595,276 | ||||||
| Franklin Academy Obligated Group, Revenue, Series 2020, 5.00%, 12/15/2035 (e) | 1,085,000 | 1,056,267 | ||||||
| Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2051 (e) | 2,000,000 | 1,387,798 | ||||||
| Renaissance Charter School, Inc. Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2049 (e) | 4,365,000 | 3,741,472 | ||||||
| University Bridge LLC, Revenue, Series 2018 A, 5.25%, 12/01/2058 (e) | 12,500,000 | 11,415,667 | ||||||
| WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (e) | 6,950,000 | 5,666,172 | ||||||
| Capital Trust Authority, | ||||||||
| Revenue, AMT, Series 2024 A, 6.88%, 12/01/2044 (e) | 9,000,000 | 8,561,187 | ||||||
| AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2044 (e) | 1,000,000 | 882,445 | ||||||
| AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 06/01/2054 (e) | 1,500,000 | 1,293,409 | ||||||
| IDEA Florida, Inc., Revenue, Refunding, Series 2023 A, 6.38%, 06/15/2058 (e) | 1,500,000 | 1,511,794 | ||||||
| KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 5.63%, 06/15/2044 (e) | 810,000 | 795,861 | ||||||
| KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.00%, 06/15/2054 (e) | 1,250,000 | 1,239,615 | ||||||
| KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 06/15/2060 (e) | 1,100,000 | 1,092,311 | ||||||
| Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 4.75%, 07/01/2040 (e) | 2,000,000 | 1,914,699 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.00%, 07/01/2045 (e) | 2,750,000 | 2,568,242 | ||||||
| Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.25%, 07/01/2050 (e) | 2,000,000 | 1,867,973 | ||||||
| Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.25%, 07/01/2055 (e) | 2,500,000 | 2,301,512 | ||||||
| Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.38%, 07/01/2065 (e) | 7,445,000 | 6,832,935 | ||||||
| Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 B, 7.75%, 07/01/2034 (e) | 1,475,000 | 1,471,462 | ||||||
| Seaside School Consortium, Inc., Revenue, Series 2024 A, 5.13%, 06/15/2059 | 2,970,000 | 2,644,428 | ||||||
| St Johns Classical Academy, Inc., Revenue, Refunding, Series 2025 A, 5.13%, 06/15/2050 (e) | 1,000,000 | 873,583 | ||||||
| St Johns Classical Academy, Inc., Revenue, Refunding, Series 2025 A, 5.25%, 06/15/2059 (e) | 1,770,000 | 1,536,638 | ||||||
| Caymas Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2054 | 1,000,000 | 937,251 | ||||||
| Cedar Crossings Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.30%, 05/01/2045 (e) | 500,000 | 467,310 | ||||||
| Special Assessment, Series 2025, 5.50%, 05/01/2055 (e) | 700,000 | 638,980 | ||||||
| Central Parc Community Development District, | ||||||||
| Special Assessment, Series 2024, 4.90%, 05/01/2031 | 365,000 | 368,689 | ||||||
| Special Assessment, Series 2024, 6.00%, 05/01/2054 | 750,000 | 716,453 | ||||||
| Chaparral Palm Bay Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044 | 1,000,000 | 939,819 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2055 | 2,250,000 | 2,091,455 | ||||||
| Chapel Creek Community Development District, | ||||||||
| Assessment Area, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 952,816 | ||||||
| Charlotte County Industrial Development Authority, | ||||||||
| MSKP Town & Country Utility LLC, Revenue, AMT, Series 2021 A, 4.00%, 10/01/2041 (e) | 4,345,000 | 3,748,258 | ||||||
| MSKP Town & Country Utility LLC, Revenue, AMT, Series 2021 A, 4.00%, 10/01/2051 (e) | 4,345,000 | 3,332,894 | ||||||
| City of Pompano Beach, | ||||||||
| John Knox Village of Florida, Inc. Obligated Group, Revenue, Refunding, Series 2020, 4.00%, 09/01/2050 | 500,000 | 383,689 | ||||||
| John Knox Village of Florida, Inc. Obligated Group, Revenue, Series 2021 A, 4.00%, 09/01/2056 | 500,000 | 367,961 | ||||||
| Connerton East Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.63%, 06/15/2055 | 1,000,000 | 973,556 | ||||||
| Coral Bay Lee County Community Development District, | ||||||||
| Assessment Area 2, Revenue, Series 2024, 5.25%, 05/01/2044 | 1,000,000 | 962,190 | ||||||
| Assessment Area 2, Revenue, Series 2024, 5.55%, 05/01/2054 | 1,220,000 | 1,164,477 | ||||||
| Coral Creek Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,700,000 | 1,626,436 | ||||||
| Coral Lakes Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.75%, 11/01/2053 | 1,000,000 | 970,917 | ||||||
| County of Miami-Dade, | ||||||||
| Aviation, Revenue, AMT, Series 2025 A, 5.50%, 10/01/2055 (a) | 15,000,000 | 15,254,266 | ||||||
| County of Palm Beach, | ||||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.50%, 10/01/2045 (e) | 4,000,000 | 4,009,956 | ||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.75%, 10/01/2055 (e) | 7,900,000 | 7,951,618 | ||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.75%, 10/01/2065 (e) | 10,500,000 | 10,477,101 | ||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.50%, 10/01/2045 (e) | 1,000,000 | 998,025 | ||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.75%, 10/01/2055 (e) | 1,100,000 | 1,102,795 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Provident Group - LU Properties LLC, Revenue, Series 2021 A, 5.00%, 06/01/2057 (e) | 2,150,000 | 1,779,568 | ||||||
| Provident Group - LU Properties LLC, Revenue, Series 2024 A, 6.13%, 06/01/2054 | 13,250,000 | 12,281,168 | ||||||
| Provident Group - LU Properties LLC, Revenue, Series 2024 A, 6.25%, 06/01/2059 | 10,890,000 | 10,176,427 | ||||||
| Provident Group-PBAU Properties LLC, Revenue, Series 2019 A, 5.00%, 04/01/2039 (e) | 1,950,000 | 1,893,262 | ||||||
| Creekview Community Development District, | ||||||||
| Phase 1, Special Assessment, Series 2022, 4.63%, 05/01/2042 | 1,495,000 | 1,368,141 | ||||||
| Phase 2, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 2,000,000 | 1,884,489 | ||||||
| Phase 2, Special Assessment, Series 2024, 5.63%, 05/01/2055 | 3,500,000 | 3,240,900 | ||||||
| Crossings Community Development District, | ||||||||
| Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044 | 1,000,000 | 952,508 | ||||||
| Area 2, Special Assessment, Series 2024, 5.60%, 05/01/2054 | 1,375,000 | 1,296,504 | ||||||
| Crosswinds East Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,750,000 | 1,681,159 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.15%, 05/01/2044 | 775,000 | 720,575 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.45%, 05/01/2054 | 1,000,000 | 918,700 | ||||||
| Curiosity Creek Community Development District, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.40%, 05/01/2044 (e) | 900,000 | 849,579 | ||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.70%, 05/01/2055 (e) | 1,475,000 | 1,373,228 | ||||||
| Cypress Creek Reserve Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 870,000 | 863,587 | ||||||
| Cypress Creek Reserve Community Development District Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2056 | 1,750,000 | 1,729,608 | ||||||
| Dewey Robbins Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.60%, 05/01/2045 | 905,000 | 862,102 | ||||||
| Special Assessment, Series 2025, 5.80%, 05/01/2055 | 1,325,000 | 1,242,943 | ||||||
| Dowden West Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.25%, 05/01/2044 | 495,000 | 472,960 | ||||||
| Special Assessment, Series 2024, 5.55%, 05/01/2054 | 855,000 | 803,707 | ||||||
| East Nassau Stewardship District, | ||||||||
| Assessments, Special Assessment, Series 2021, 4.00%, 05/01/2051 | 1,505,000 | 1,151,105 | ||||||
| Wildlight Village Phase 3, Special Assessment, Series 2024, 5.25%, 05/01/2044 | 1,505,000 | 1,421,357 | ||||||
| Wildlight Village Phase 3, Special Assessment, Series 2024, Class A, 5.50%, 05/01/2055 | 1,605,000 | 1,483,573 | ||||||
| East Palm Drive Community Development District, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.10%, 06/15/2044 | 500,000 | 475,681 | ||||||
| Edgewater East Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051 | 1,730,000 | 1,342,475 | ||||||
| Assessment Area 2, Special Assessment, Series 2022, 4.00%, 05/01/2042 | 2,635,000 | 2,257,487 | ||||||
| Assessment Area 2, Special Assessment, Series 2022, 4.00%, 05/01/2052 | 7,525,000 | 5,800,153 | ||||||
| Assessment Area 3, Special Assessment, Series 2025, 6.30%, 05/01/2055 | 1,700,000 | 1,672,726 | ||||||
| Edgewater East Community Development District Assessment Area Three, Special Assessment, Series 2025, 6.10%, 05/01/2045 | 925,000 | 917,313 | ||||||
| Edgewater West Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.25%, 05/01/2044 | 2,000,000 | 1,852,057 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2054 | 2,500,000 | 2,269,610 | ||||||
| Entrada Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 5.00%, 05/01/2044 | 900,000 | 839,023 | ||||||
| Assessments, Special Assessment, Series 2024, 5.30%, 05/01/2055 | 725,000 | 664,216 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Epperson North Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2021 A, 4.00%, 11/01/2051 | 1,985,000 | 1,528,409 | ||||||
| Assessment Area 4, Special Assessment, Series 2024, 5.30%, 05/01/2044 | 465,000 | 439,256 | ||||||
| Assessment Area 4, Special Assessment, Series 2024, 5.60%, 05/01/2055 | 750,000 | 697,706 | ||||||
| Everlands Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.55%, 06/15/2054 | 1,000,000 | 951,584 | ||||||
| Assessment Area 2 Phase 2, Special Assessment, Series 2024, 5.20%, 06/15/2044 (e) | 750,000 | 709,634 | ||||||
| Assessment Area 2 Phase 2, Special Assessment, Series 2024, 5.50%, 06/15/2054 (e) | 1,000,000 | 927,758 | ||||||
| Everlands II Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.20%, 06/15/2044 | 725,000 | 694,893 | ||||||
| Fish Lake Cover Community Development District, | ||||||||
| Fish Lake Cover Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.35%, 05/01/2045 | 835,000 | 781,548 | ||||||
| Fish Lake Cover Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.55%, 05/01/2055 | 1,180,000 | 1,083,653 | ||||||
| Florida Development Finance Corp., | ||||||||
| AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 12.00%, 07/15/2028 (b)(e)(g) | 189,740,000 | 113,844,000 | ||||||
| AAF Operations Holdings LLC, Revenue, AMT, Series 2024 A, 10.00%, 07/15/2028 (b)(e)(g) | 92,610,000 | 55,566,000 | ||||||
| Assistance Unlimited, Inc., Revenue, Refunding, Series 2022, 6.00%, 08/15/2057 (e) | 5,000,000 | 4,466,751 | ||||||
| Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 A, 8.25%, 08/13/2025 (b)(e)(g) | 277,000,000 | 235,450,637 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2036 | 500,000 | 406,706 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2037 | 4,000,000 | 3,255,221 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2038 | 2,000,000 | 1,626,549 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2041 | 10,130,000 | 8,237,091 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, AG Insured, Series 2024, 5.00%, 07/01/2044 | 8,935,000 | 8,536,969 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.25%, 07/01/2047 | 11,690,000 | 9,505,685 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.50%, 07/01/2053 | 184,805,000 | 150,408,761 | ||||||
| Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.00%, 06/01/2034 (e) | 1,190,000 | 1,195,647 | ||||||
| Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.25%, 06/01/2044 (e) | 1,000,000 | 932,631 | ||||||
| Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2054 (e) | 2,790,000 | 2,577,969 | ||||||
| Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2059 (e) | 1,500,000 | 1,357,152 | ||||||
| Downtown Doral Charter Elementary School, Inc., Revenue, Series 2017 C, 5.75%, 07/01/2047 (e) | 2,000,000 | 1,900,971 | ||||||
| Imagine School at Broward, Revenue, Series 2019 A, 5.00%, 12/15/2049 (e) | 1,030,000 | 939,083 | ||||||
| Renaissance Charter School, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 6.00%, 06/15/2050 | 3,000,000 | 2,858,325 | ||||||
| Renaissance Charter School, Inc. Obligated Group, Revenue, Series 2021 A, 5.50%, 06/15/2051 | 1,000,000 | 896,750 | ||||||
| SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2044 (e) | 1,600,000 | 1,490,099 | ||||||
| SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.25%, 06/01/2054 (e) | 7,200,000 | 6,610,181 | ||||||
| SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.25%, 06/01/2059 (e) | 6,550,000 | 5,934,562 | ||||||
| Florida Local Government Finance Commission, | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| BridgePrep Academy, Inc. Series 2025 Obligated Group, Revenue, Series 2025A, 6.13%, 06/15/2065 (e) | 7,500,000 | 7,251,952 | ||||||
| Orlando Lutheran Towers, Inc., Revenue, Series 2025 A, 6.00%, 07/01/2050 (e) | 2,610,000 | 2,543,302 | ||||||
| Orlando Lutheran Towers, Inc., Revenue, Series 2025 A, 6.00%, 07/01/2060 (e) | 3,510,000 | 3,355,036 | ||||||
| Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2055 (e) | 2,000,000 | 1,929,081 | ||||||
| Florida Municipal Loan Council, | ||||||||
| Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 5.15%, 05/01/2044 | 900,000 | 871,855 | ||||||
| Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 5.40%, 05/01/2054 | 825,000 | 785,746 | ||||||
| Gardens at Hammock Beach Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024-1, 5.65%, 05/01/2054 | 530,000 | 504,734 | ||||||
| Assessment Area 2, Special Assessment, Series 2024-2, 5.00%, 05/01/2031 | 270,000 | 273,222 | ||||||
| Assessment Area 2, Special Assessment, Series 2024-2, 5.60%, 05/01/2044 | 990,000 | 962,282 | ||||||
| Assessment Area 2, Special Assessment, Series 2024-2, 5.88%, 05/01/2055 | 1,250,000 | 1,209,706 | ||||||
| Gas Worx Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2025, 5.75%, 05/01/2045 (e) | 1,250,000 | 1,222,133 | ||||||
| Gas Worx Community Development District Series 2025 Special Assessments, Special Assessment, Series 2025, 6.00%, 05/01/2057 (e) | 2,400,000 | 2,329,105 | ||||||
| Golden Gem Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.15%, 05/01/2031 | 535,000 | 544,400 | ||||||
| Special Assessment, Series 2024, 5.70%, 05/01/2044 | 2,900,000 | 2,787,767 | ||||||
| Special Assessment, Series 2024, 6.00%, 05/01/2055 | 5,000,000 | 4,811,513 | ||||||
| Governors Park South Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.40%, 05/01/2045 | 845,000 | 800,508 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.65%, 05/01/2055 | 1,250,000 | 1,169,744 | ||||||
| Gracewater Sarasota Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2021, 3.35%, 05/01/2041 | 3,170,000 | 2,450,611 | ||||||
| Assessments, Special Assessment, Series 2021, 4.00%, 05/01/2052 | 3,815,000 | 2,876,562 | ||||||
| Greater Orlando Aviation Authority, | ||||||||
| Revenue, AMT, Series 2024, 5.25%, 10/01/2048 (a) | 37,315,000 | 37,943,843 | ||||||
| Greenbriar Community Development District, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2025, 5.65%, 05/01/2045 | 1,000,000 | 956,108 | ||||||
| Assessment Area No. 1, Special Assessment, Series 2025, 5.88%, 05/01/2054 | 1,350,000 | 1,279,352 | ||||||
| Hamilton Bluff Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,360,000 | 1,303,574 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.80%, 05/01/2054 | 2,000,000 | 1,888,145 | ||||||
| Hammock Oaks Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.15%, 05/01/2054 | 1,250,000 | 1,212,322 | ||||||
| Assessment Area 3, Special Assessment, Series 2025, 5.55%, 05/01/2045 (e) | 1,000,000 | 962,507 | ||||||
| Assessment Area 3, Special Assessment, Series 2025, 5.75%, 05/01/2055 (e) | 1,500,000 | 1,426,086 | ||||||
| Harmony on Lake Eloise Community Development District, | ||||||||
| Assessment Area No. 2, Special Assessment, Series 2025, 5.45%, 11/01/2045 | 1,000,000 | 952,631 | ||||||
| Assessment Area No. 2, Special Assessment, Series 2025, 5.65%, 11/01/2054 | 1,250,000 | 1,179,244 | ||||||
| Harmony West Community Development District, | ||||||||
| Assessment Area No. 3, Special Assessment, Series 2025, 5.45%, 05/01/2045 | 625,000 | 595,020 | ||||||
| Assessment Area No. 3, Special Assessment, Series 2025, 5.65%, 05/01/2055 | 1,000,000 | 942,302 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Hawthorne Mill North Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044 | 1,000,000 | 930,587 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2054 | 1,400,000 | 1,295,664 | ||||||
| Hickory Tree Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2055 | 1,500,000 | 1,372,381 | ||||||
| Highland Trails Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 5.85%, 05/01/2054 | 880,000 | 841,170 | ||||||
| Hillcrest Community Development District, | ||||||||
| Special Assessment, Series 2018, 5.00%, 11/01/2048 | 300,000 | 279,554 | ||||||
| Hillcrest Preserve Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2044 (e) | 1,000,000 | 906,688 | ||||||
| Special Assessment, Series 2024, 5.30%, 05/01/2054 (e) | 1,500,000 | 1,351,321 | ||||||
| Hills of Minneola Community Development District, | ||||||||
| North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.55%, 05/01/2044 | 650,000 | 652,310 | ||||||
| North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.88%, 05/01/2054 | 1,000,000 | 1,014,630 | ||||||
| South Parcel Assessment Area, Special Assessment, Series 2020, 4.00%, 05/01/2050 (e) | 4,500,000 | 3,522,602 | ||||||
| South Parcel Assessment Area Phase 2, Special Assessment, Series 2021, 4.00%, 05/01/2052 | 1,940,000 | 1,497,528 | ||||||
| Hillsborough County Industrial Development Authority, | ||||||||
| BayCare Obligated Group, Revenue, Refunding, Series 2024E, 2.80%, 08/01/2025 (b)(c) | 69,030,000 | 69,030,000 | ||||||
| Hobe-St. Lucie Conservancy District, | ||||||||
| Unit of Development No. 1A, Special Assessment, Series 2024, 5.60%, 05/01/2044 | 1,900,000 | 1,874,461 | ||||||
| Unit of Development No. 1A, Special Assessment, Series 2024, 5.88%, 05/01/2055 | 2,690,000 | 2,624,885 | ||||||
| Hyde Park Community Development District No. 1, | ||||||||
| Assessments, Special Assessment, Series 2024 A, 5.35%, 05/01/2044 | 425,000 | 401,560 | ||||||
| Assessments, Special Assessment, Series 2024 A, 5.63%, 05/01/2055 | 685,000 | 638,688 | ||||||
| Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034 | 1,695,000 | 1,688,355 | ||||||
| Ibis Landing Community Development District, | ||||||||
| Ibis Landing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.70%, 06/15/2045 | 615,000 | 609,917 | ||||||
| Ibis Landing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.88%, 06/15/2055 | 800,000 | 782,637 | ||||||
| Kelly Park Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.30%, 05/01/2045 | 650,000 | 614,036 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.50%, 05/01/2055 | 915,000 | 848,145 | ||||||
| Keys Edge Community Development District, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.10%, 05/01/2044 | 975,000 | 910,516 | ||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.38%, 05/01/2055 | 1,000,000 | 916,180 | ||||||
| Kings Creek I Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 795,000 | 776,375 | ||||||
| Kings Creek I Community Development District Assessment Area One, Special Assessment, Series 2025, 6.00%, 05/01/2055 | 1,750,000 | 1,697,767 | ||||||
| Kingston One Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 4,000,000 | 3,929,060 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2057 | 9,400,000 | 9,198,787 | ||||||
| Lake Hideaway Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.65%, 05/01/2044 | 2,000,000 | 1,926,660 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054 | 2,750,000 | 2,604,709 | ||||||
| Lake Mattie Preserve Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.85%, 05/01/2054 | 570,000 | 539,007 | ||||||
| Special Assessment, Series 2025, 5.45%, 05/01/2045 | 980,000 | 913,475 | ||||||
| Special Assessment, Series 2025, 5.65%, 05/01/2055 | 1,080,000 | 988,670 | ||||||
| Lakes of Sarasota Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024 A, 5.30%, 05/01/2044 | 425,000 | 399,158 | ||||||
| Assessments, Special Assessment, Series 2024 A, 5.60%, 05/01/2055 | 685,000 | 634,596 | ||||||
| Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034 | 2,325,000 | 2,314,278 | ||||||
| Lakewood Ranch Stewardship District, | ||||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2055 | 765,000 | 719,140 | ||||||
| Assessment Azario, Special Assessment, Series 2020 A, 3.90%, 05/01/2050 | 770,000 | 598,545 | ||||||
| Assessment Northeast Sector Project Phase 1A, Special Assessment, Series 2018, 5.10%, 05/01/2048 | 2,535,000 | 2,416,681 | ||||||
| Assessment Star Farms Phase 1/2, Special Assessment, Series 2021, 4.00%, 05/01/2052 | 420,000 | 326,610 | ||||||
| Lakewood Ranch Stewardship District Series 2024 Assessment, Special Assessment, Series 2024, 5.25%, 05/01/2044 | 585,000 | 566,183 | ||||||
| Northeast Sector Project, Special Assessment, Refunding, Series 2020, 4.00%, 05/01/2050 (e) | 70,000 | 54,796 | ||||||
| Landings Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2031 | 275,000 | 278,215 | ||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,030,000 | 991,796 | ||||||
| Special Assessment, Series 2024, 5.80%, 05/01/2055 | 855,000 | 813,089 | ||||||
| Landings Community Development District SW Phase 1 Assessment Area, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 1,785,000 | 1,761,531 | ||||||
| Landings Community Development District SW Phase 1 Assessment Area, Special Assessment, Series 2025, 6.00%, 05/01/2055 | 3,245,000 | 3,186,967 | ||||||
| Langley South Community Development District, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.40%, 05/01/2055 | 4,765,000 | 4,413,131 | ||||||
| Lee County Industrial Development Authority, | ||||||||
| Shell Point Obligated Group, Revenue, Series 2024 A, 5.25%, 11/15/2054 | 1,340,000 | 1,282,731 | ||||||
| Leomas Landing Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.50%, 11/01/2045 | 450,000 | 426,229 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.70%, 11/04/2054 | 555,000 | 518,750 | ||||||
| Liberty Cove Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 1,085,000 | 1,014,163 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.70%, 05/01/2054 | 2,000,000 | 1,851,476 | ||||||
| Live Oak Lake Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2020, 4.40%, 05/01/2040 | 1,600,000 | 1,402,880 | ||||||
| Assessments, Special Assessment, Series 2020, 4.60%, 05/01/2051 | 5,000,000 | 4,171,563 | ||||||
| Longleaf Community Development District, | ||||||||
| Neighborhood 4 Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 (e) | 980,000 | 951,853 | ||||||
| Neighborhood 4 Assessment Area 2, Special Assessment, Series 2024 A, 5.20%, 05/01/2044 | 700,000 | 648,020 | ||||||
| Neighborhood 4 Assessment Area 2, Special Assessment, Series 2024 A, 5.45%, 05/01/2055 | 1,150,000 | 1,037,605 | ||||||
| Los Cayos Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.55%, 06/15/2054 | 800,000 | 759,147 | ||||||
| Lowery Hills Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.63%, 05/01/2045 (e) | 725,000 | 685,512 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.85%, 05/01/2055 (e) | 1,000,000 | 938,391 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| LT Ranch Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2019, 4.00%, 05/01/2050 | 1,000,000 | 781,684 | ||||||
| Phase IIB Assessment Area, Special Assessment, Series 2024, 5.50%, 05/01/2044 | 275,000 | 270,338 | ||||||
| Phase IIB Assessment Area, Special Assessment, Series 2024, 5.85%, 05/01/2054 | 1,000,000 | 983,604 | ||||||
| LTC Ranch West Residential Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2021 A, 4.00%, 05/01/2052 | 1,860,000 | 1,423,151 | ||||||
| Assessment Area 2, Special Assessment, Series 2024 AA-2, 6.00%, 05/01/2054 | 605,000 | 579,479 | ||||||
| Assessment Area 3, Special Assessment, Series 2024 AA-3, 6.05%, 05/01/2054 | 1,405,000 | 1,354,988 | ||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 5.38%, 05/01/2044 | 1,000,000 | 932,575 | ||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 5.65%, 05/01/2054 | 1,250,000 | 1,156,697 | ||||||
| Magnolia Island Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.55%, 05/01/2045 | 750,000 | 710,149 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2055 | 1,000,000 | 936,464 | ||||||
| Malabar Springs Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2044 | 1,000,000 | 931,124 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2054 | 1,500,000 | 1,371,122 | ||||||
| Marion Ranch Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.95%, 05/01/2054 | 1,375,000 | 1,332,709 | ||||||
| Miami Health Facilities Authority, | ||||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2026 | 1,260,000 | 1,253,497 | ||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027 | 1,000,000 | 992,186 | ||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.13%, 07/01/2038 | 1,000,000 | 922,070 | ||||||
| Miami-Dade County Industrial Development Authority, | ||||||||
| Pinecrest Academy Obligated Group, Revenue, Series 2017, 5.00%, 09/15/2044 (e) | 4,210,000 | 3,806,153 | ||||||
| Mirada Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Refunding, Series 2024, 6.00%, 05/01/2055 | 1,965,000 | 1,880,749 | ||||||
| Newfield Community Development District, | ||||||||
| Newfield Community Development District Series 2025 Assessment Area, Special Assessment, Series 2025, 5.90%, 05/01/2056 | 2,915,000 | 2,840,711 | ||||||
| Newport Isles Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2044 | 2,440,000 | 2,272,002 | ||||||
| Special Assessment, Series 2024, 5.20%, 05/01/2054 | 2,685,000 | 2,426,327 | ||||||
| Normandy Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.30%, 05/01/2044 (e) | 1,500,000 | 1,403,928 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.55%, 05/01/2054 (e) | 2,500,000 | 2,292,555 | ||||||
| North AR-1 Pasco Community Development District, | ||||||||
| Assessment Area 4, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 880,000 | 830,532 | ||||||
| Assessment Area 5, Special Assessment, Series 2024 A, 5.75%, 05/01/2044 | 1,260,000 | 1,236,235 | ||||||
| Assessment Area 5, Special Assessment, Series 2024 A, 6.00%, 05/01/2054 | 1,760,000 | 1,722,261 | ||||||
| Northridge Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 (e) | 1,875,000 | 1,828,948 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2055 (e) | 2,375,000 | 2,307,243 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Orange County Health Facilities Authority, | ||||||||
| Orlando Health Obligated Group, Revenue, Refunding, Series 2025 A, 5.25%, 10/01/2056 (a) | 10,910,000 | 10,870,295 | ||||||
| Paddocks Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 5.13%, 05/01/2044 (e) | 1,000,000 | 925,853 | ||||||
| Assessments, Special Assessment, Series 2024, 5.45%, 05/01/2055 (e) | 1,375,000 | 1,247,531 | ||||||
| Palermo Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.35%, 06/15/2045 | 745,000 | 721,939 | ||||||
| Palm Beach County Health Facilities Authority, | ||||||||
| ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue, Refunding, Series 2025B, 5.00%, 11/15/2055 | 8,000,000 | 7,298,513 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 B, 5.00%, 05/15/2047 | 925,000 | 849,065 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 B, 4.00%, 05/15/2053 | 160,000 | 120,673 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 B, 5.00%, 05/15/2053 | 15,675,000 | 13,975,187 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 C, 7.50%, 05/15/2053 | 965,000 | 1,055,115 | ||||||
| Palm Coast Park Community Development District, | ||||||||
| Sawmill Branch - Phase 7, Special Assessment, Series 2024, 5.00%, 05/01/2044 | 1,270,000 | 1,174,228 | ||||||
| Sawmill Branch - Phase 7, Special Assessment, Series 2024, 5.30%, 05/01/2055 | 1,935,000 | 1,762,716 | ||||||
| Spring Lake - Tracts 2 & 3, Special Assessment, Series 2021, 4.00%, 05/01/2052 | 1,200,000 | 906,138 | ||||||
| Palm Gate Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.30%, 06/15/2045 | 1,000,000 | 932,495 | ||||||
| Special Assessment, Series 2025, 5.55%, 06/15/2055 | 1,000,000 | 923,190 | ||||||
| Parker Pointe Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2044 | 700,000 | 669,425 | ||||||
| Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 937,416 | ||||||
| Parker Road Community Development District, | ||||||||
| Assessment Area, Special Assessment, Refunding, Series 2020, 4.10%, 05/01/2050 | 2,000,000 | 1,513,596 | ||||||
| Parrish Lakes Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2023 A, 5.63%, 05/01/2053 | 1,725,000 | 1,672,451 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,475,000 | 1,412,187 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.80%, 05/01/2054 | 2,035,000 | 1,931,603 | ||||||
| Parrish Lakes II Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.13%, 05/01/2044 | 3,000,000 | 2,780,798 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2054 | 5,000,000 | 4,561,894 | ||||||
| Parrish Plantation Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.80%, 05/01/2044 | 700,000 | 695,429 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 6.05%, 05/01/2054 | 1,545,000 | 1,538,731 | ||||||
| Pasadena Ridge Community Development District, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.38%, 05/01/2055 | 2,475,000 | 2,261,158 | ||||||
| Peace Creek Village Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.75%, 05/01/2054 | 905,000 | 858,782 | ||||||
| Special Assessment, Series 2025, 5.60%, 05/01/2045 (e) | 710,000 | 672,423 | ||||||
| Special Assessment, Series 2025, 5.85%, 05/01/2055 (e) | 1,000,000 | 935,855 | ||||||
| Peace Crossing Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.70%, 05/01/2044 | 2,820,000 | 2,624,245 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 6.00%, 05/01/2054 | 4,000,000 | 3,673,299 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Pine Island Community Development District, | ||||||||
| Special Assessment, Series 2004, 5.75%, 05/01/2035 | 2,015,000 | 2,023,649 | ||||||
| Pioneer Ranch Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2044 (e) | 1,000,000 | 915,940 | ||||||
| Special Assessment, Series 2024, 5.30%, 05/01/2055 (e) | 1,250,000 | 1,117,981 | ||||||
| Preston Cove Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2022, 4.13%, 05/01/2052 | 1,870,000 | 1,458,348 | ||||||
| Ranches at Lake Mcleod Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.45%, 06/15/2045 | 600,000 | 574,025 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.65%, 06/15/2055 | 1,000,000 | 940,749 | ||||||
| Reflection Bay Community Development District, | ||||||||
| Reflection Bay Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.63%, 05/01/2045 | 725,000 | 703,300 | ||||||
| Reflection Bay Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.88%, 05/01/2055 | 1,200,000 | 1,158,134 | ||||||
| Regal Village Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2054 | 725,000 | 682,229 | ||||||
| River Hall Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2020 A, 3.88%, 05/01/2051 | 3,690,000 | 2,789,084 | ||||||
| Assessment Area No. 5, Special Assessment, Series 2024, 5.35%, 05/01/2044 (e) | 800,000 | 755,009 | ||||||
| Assessment Area No. 5, Special Assessment, Series 2024, 5.63%, 05/01/2055 (e) | 900,000 | 835,678 | ||||||
| River Landing Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.20%, 05/01/2045 | 640,000 | 602,855 | ||||||
| Special Assessment, Series 2025, 5.45%, 05/01/2055 | 900,000 | 836,245 | ||||||
| Rivers Edge III Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 5.65%, 05/01/2044 | 1,665,000 | 1,613,058 | ||||||
| Assessments, Special Assessment, Series 2024, 5.95%, 05/01/2055 | 2,225,000 | 2,131,992 | ||||||
| Rivers Edge III Community Development District Series 2025 Assessment, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 450,000 | 445,121 | ||||||
| Rivers Edge III Community Development District Series 2025 Assessment, Special Assessment, Series 2025, 6.00%, 05/01/2056 | 1,000,000 | 988,347 | ||||||
| Riverwalk Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.20%, 05/01/2045 (e) | 625,000 | 588,019 | ||||||
| Special Assessment, Series 2025, 5.45%, 05/01/2055 (e) | 1,000,000 | 926,547 | ||||||
| Rookery Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2044 | 800,000 | 733,612 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.35%, 05/01/2055 | 1,500,000 | 1,355,648 | ||||||
| Rustic Oaks Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2022, 3.45%, 05/01/2042 | 2,000,000 | 1,571,537 | ||||||
| Assessments, Special Assessment, Series 2022, 4.00%, 05/01/2052 | 2,330,000 | 1,780,148 | ||||||
| Rye Crossing Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.00%, 05/01/2044 | 650,000 | 600,983 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.25%, 05/01/2054 | 710,000 | 642,856 | ||||||
| Saltleaf Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 3,250,000 | 3,164,580 | ||||||
| Assessments, Special Assessment, Series 2024, 6.00%, 05/01/2056 | 3,000,000 | 2,936,466 | ||||||
| Saltmeadows Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.75%, 05/01/2045 (e) | 405,000 | 399,675 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 6.00%, 05/01/2055 (e) | 750,000 | 740,630 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Savanna Lakes Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.25%, 06/15/2044 | 625,000 | 592,874 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.50%, 06/15/2054 | 750,000 | 703,593 | ||||||
| Sawgrass Village Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.55%, 05/01/2044 (e) | 700,000 | 671,833 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.88%, 05/01/2054 (e) | 1,380,000 | 1,313,061 | ||||||
| Sawyers Landing Community Development District, | ||||||||
| Special Assessment, Series 2021, 4.13%, 05/01/2041 | 1,285,000 | 1,125,546 | ||||||
| Scenic Terrace South Community Development District, | ||||||||
| Special Assessment, Series 2022, 4.63%, 05/01/2053 | 1,935,000 | 1,644,841 | ||||||
| Seagrove Community Development District, | ||||||||
| Special Assessment, Series 2024, 4.88%, 06/15/2044 | 1,500,000 | 1,382,819 | ||||||
| Special Assessment, Series 2024, 5.20%, 06/15/2054 | 1,250,000 | 1,158,470 | ||||||
| Seminole Palms Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044 (e) | 1,750,000 | 1,595,917 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2055 (e) | 1,750,000 | 1,584,228 | ||||||
| Shadowlawn Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,585,000 | 1,488,398 | ||||||
| Special Assessment, Series 2024, 5.85%, 05/01/2054 | 2,000,000 | 1,868,594 | ||||||
| Silver Oaks Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.85%, 05/01/2054 | 1,500,000 | 1,437,696 | ||||||
| Silverlake Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 505,000 | 486,370 | ||||||
| Six Mile Creek Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2052 | 2,255,000 | 1,743,253 | ||||||
| Project Area, Special Assessment, Series 2024, 5.10%, 05/01/2044 | 625,000 | 569,641 | ||||||
| Project Area, Special Assessment, Series 2024, 5.38%, 05/01/2055 | 1,000,000 | 907,195 | ||||||
| Solaeris Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2031 | 500,000 | 515,641 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 6.00%, 05/01/2044 | 1,790,000 | 1,810,390 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 6.25%, 05/01/2055 | 2,750,000 | 2,790,105 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 6.00%, 05/01/2045 (e) | 2,000,000 | 1,969,700 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 6.30%, 05/01/2056 (e) | 3,000,000 | 2,958,153 | ||||||
| Somerset Bay Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2044 (e) | 920,000 | 861,066 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054 (e) | 1,905,000 | 1,778,107 | ||||||
| Southern Groves Community Development District No. 5, | ||||||||
| Assessment Area, Special Assessment, Series 2024, 5.45%, 05/01/2044 | 1,245,000 | 1,246,868 | ||||||
| Assessment Area, Special Assessment, Series 2024, 5.70%, 05/01/2050 | 930,000 | 935,136 | ||||||
| Southshore Bay Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 675,000 | 639,681 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2054 | 930,000 | 865,700 | ||||||
| St. Johns County Industrial Development Authority, | ||||||||
| Presbyterian Retirement Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 4.00%, 08/01/2055 | 2,325,000 | 1,761,598 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Stonegate Preserve Community Development District, | ||||||||
| Stonegate Preserve Community Development District Series 2023 Special Assessmen, Special Assessment, Series 2025, 5.70%, 06/15/2045 | 700,000 | 693,399 | ||||||
| Stonegate Preserve Community Development District Series 2023 Special Assessmen, Special Assessment, Series 2025, 5.88%, 06/15/2055 | 1,250,000 | 1,219,492 | ||||||
| Summit View Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 1,005,000 | 979,701 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.00%, 05/01/2054 | 1,395,000 | 1,359,589 | ||||||
| Tern Bay Community Development District, | ||||||||
| Special Assessment, Series 2022, 4.00%, 06/15/2052 | 9,260,000 | 7,184,737 | ||||||
| Terra Lago Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.63%, 05/01/2045 | 1,040,000 | 1,000,655 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.80%, 05/01/2055 | 1,525,000 | 1,452,238 | ||||||
| Terreno Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.40%, 05/01/2045 | 875,000 | 840,800 | ||||||
| Special Assessment, Series 2025, 5.65%, 05/01/2055 | 1,000,000 | 948,879 | ||||||
| Timber Creek Southwest Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2021, 3.30%, 12/15/2041 | 2,175,000 | 1,700,669 | ||||||
| Tolomato Community Development District, | ||||||||
| Assessment Area, Special Assessment, Series 2024, 4.80%, 05/01/2044 | 880,000 | 804,870 | ||||||
| Assessment Area, Special Assessment, Series 2024, 5.13%, 05/01/2054 | 885,000 | 797,363 | ||||||
| Tradition Community Development District No. 9, | ||||||||
| Special Assessment, Series 2025, 5.65%, 05/01/2056 | 895,000 | 837,710 | ||||||
| Triple Creek Community Development District, | ||||||||
| Villages Q & R Assessment Area, Special Assessment, Series 2021, 4.00%, 11/01/2051 (e) | 1,040,000 | 799,611 | ||||||
| Twisted Oaks Pointe Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 1,065,000 | 1,027,620 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 6.00%, 05/01/2055 | 1,375,000 | 1,319,598 | ||||||
| Two Ridges Community Development District, | ||||||||
| Two Ridges Community Development District Series 2025 Special Assessments, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 500,000 | 494,578 | ||||||
| Two Ridges Community Development District Series 2025 Special Assessments, Special Assessment, Series 2025, 6.00%, 05/01/2055 | 665,000 | 657,593 | ||||||
| Two Rivers West Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.63%, 05/01/2044 | 750,000 | 732,788 | ||||||
| Special Assessment, Series 2024, 5.88%, 05/01/2054 (e) | 1,355,000 | 1,326,480 | ||||||
| V-Dana Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.38%, 05/01/2045 | 1,000,000 | 948,926 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.55%, 05/01/2055 | 1,375,000 | 1,285,784 | ||||||
| Veranda Community Development District II, | ||||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2051 (e) | 180,000 | 139,073 | ||||||
| Assessment Area 5 Phase 2, Special Assessment, Refunding, Series 2024, 5.63%, 05/01/2054 | 1,000,000 | 950,234 | ||||||
| Verano No. 2 Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.35%, 05/01/2044 (e) | 500,000 | 472,969 | ||||||
| Special Assessment, Series 2024, 5.63%, 05/01/2055 | 800,000 | 742,825 | ||||||
| Pod D, Special Assessment, Series 2024, 5.80%, 05/01/2054 | 1,000,000 | 951,766 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Verano No. 4 Community Development District, | ||||||||
| Verano No. 4 Community Development District Astor Creek Phase 2 Assessment Area, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 450,000 | 446,683 | ||||||
| Verano No. 4 Community Development District Astor Creek Phase 2 Assessment Area, Special Assessment, Series 2025, 6.00%, 05/01/2055 | 875,000 | 867,632 | ||||||
| Villages of Westport Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035 | 2,695,000 | 2,706,459 | ||||||
| Villamar Community Development District, | ||||||||
| Assessment Area 6, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 967,276 | ||||||
| Waterford Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044 | 650,000 | 605,230 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.45%, 05/01/2054 | 900,000 | 823,409 | ||||||
| Wellness Ridge Community Development District, | ||||||||
| Assessment Area No. 2, Special Assessment, Series 2024, 5.20%, 06/15/2055 (e) | 1,100,000 | 993,523 | ||||||
| West Villages Improvement District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 910,000 | 914,468 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2055 | 1,705,000 | 1,717,242 | ||||||
| Unit of Development No. 10 Assessment Area 1, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 995,000 | 953,872 | ||||||
| Unit of Development No. 8, Special Assessment, Series 2021, 3.50%, 05/01/2041 | 2,505,000 | 2,000,657 | ||||||
| Westside Haines City Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.00%, 05/01/2054 | 2,070,000 | 2,020,169 | ||||||
| Westview South Community Development District, | ||||||||
| Special Assessment, Series 2025, 6.20%, 05/01/2055 (e)(f) | 2,000,000 | 2,000,640 | ||||||
| Willowbrook Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 750,000 | 716,335 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2055 | 1,100,000 | 1,038,168 | ||||||
| Windsor Cay Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 1,009,533 | ||||||
| Woodcreek Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.35%, 05/01/2045 | 575,000 | 535,025 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.50%, 05/01/2055 | 750,000 | 680,835 | ||||||
| Woodland Crossing Community Development District, | ||||||||
| Woodland Crossing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.13%, 05/01/2035 (e) | 375,000 | 380,173 | ||||||
| Woodland Crossing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.88%, 05/01/2045 (e) | 1,000,000 | 981,871 | ||||||
| Woodland Crossing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 6.13%, 05/01/2056 (e) | 1,925,000 | 1,886,047 | ||||||
| Woodland Preserve Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.30%, 05/01/2045 (e) | 630,000 | 595,142 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.50%, 05/01/2055 (e) | 845,000 | 785,458 | ||||||
| Woodland Ranch Estates Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.55%, 05/01/2045 | 500,000 | 476,762 | ||||||
| Special Assessment, Series 2025, 5.75%, 05/01/2055 | 720,000 | 677,031 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Yarborough Lane Community Development District, | ||||||||
| Yarborough Lane Community Development District Series 2024 Special Assessment, Special Assessment, Series 2024, 5.35%, 05/01/2044 | 780,000 | 728,436 | ||||||
| Yarborough Lane Community Development District Series 2024 Special Assessment, Special Assessment, Series 2024, 5.60%, 05/01/2055 | 1,620,000 | 1,494,587 | ||||||
| 1,404,331,306 | ||||||||
| Georgia 4.0% | ||||||||
| Atlanta Development Authority (The), | ||||||||
| City of Atlanta Westside Tax Allocation District Gulch Area, Tax Allocation, Series 2024 A-2, 5.50%, 04/01/2039 (e) | 34,440,000 | 34,353,476 | ||||||
| City of Atlanta Westside Tax Allocation District Gulch Area, Revenue, Series 2024-1, Class A, 0.00%, 12/15/2048 (e) | 132,920,000 | 112,934,043 | ||||||
| DeKalb County Development Authority, | ||||||||
| GLOBE Academy, Inc. (The), Revenue, Series 2024 A, 5.00%, 06/01/2055 | 500,000 | 445,860 | ||||||
| GLOBE Academy, Inc. (The), Revenue, Series 2024 A, 5.00%, 06/01/2063 | 1,320,000 | 1,143,710 | ||||||
| Development Authority of Bulloch County, | ||||||||
| Charter Conservatory for Liberal Arts & Technology, Inc., Revenue, Series 2024 A, 6.75%, 06/15/2064 (e) | 3,225,000 | 3,026,670 | ||||||
| Charter Conservatory for Liberal Arts & Technology, Inc., Revenue, Series 2024 B, 7.50%, 06/15/2031 (e) | 265,000 | 264,584 | ||||||
| Development Authority of Burke County (The), | ||||||||
| Georgia Power Co., Revenue, First Series, Series 2009, 2.85%, 08/01/2025 (b)(c) | 4,500,000 | 4,500,000 | ||||||
| Development Authority of Lagrange, | ||||||||
| LaGrange College Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 10/15/2052 | 17,700,000 | 14,081,821 | ||||||
| Development Authority of The City of Marietta, | ||||||||
| Life University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 11/01/2047 (e) | 10,000,000 | 8,576,306 | ||||||
| Fulton County Residential Care Facilities for the Elderly Authority, | ||||||||
| All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Refunding, Series 2019 A, 5.00%, 04/01/2054 (e) | 6,680,000 | 5,755,121 | ||||||
| All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2041 (e) | 4,000,000 | 3,407,035 | ||||||
| All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2051 (e) | 12,400,000 | 9,181,840 | ||||||
| All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2056 (e) | 8,700,000 | 6,230,844 | ||||||
| Gainesville & Hall County Hospital Authority, | ||||||||
| Northeast Georgia Health System Obligated Group, Revenue, Series 2021 A, 2.50%, 02/15/2051 | 1,350,000 | 794,456 | ||||||
| George L Smith II Congress Center Authority, | ||||||||
| Signia Hotel Management LLC, Revenue, First Tier, Series 2021 A, 4.00%, 01/01/2054 | 3,045,000 | 2,442,136 | ||||||
| Signia Hotel Management LLC, Revenue, Second Tier, Series 2021 B, 5.00%, 01/01/2054 (e) | 16,420,000 | 14,485,906 | ||||||
| Georgia Housing & Finance Authority, | ||||||||
| Revenue, Refunding, Series 2024 C, 4.40%, 12/01/2044 (a) | 4,500,000 | 4,186,591 | ||||||
| Revenue, Refunding, Series 2024 C, 4.55%, 12/01/2049 (a) | 27,010,000 | 24,840,976 | ||||||
| Revenue, Refunding, Series 2024 C, 4.60%, 12/01/2054 (a) | 12,750,000 | 11,690,685 | ||||||
| Revenue, Series 2025 C, 5.15%, 06/01/2055 | 10,000,000 | 9,981,777 | ||||||
| Oconee County Industrial Development Authority, | ||||||||
| Westminster Presbyterian Homes Obligated Group, Revenue, Series 2018 A-1, 6.25%, 12/01/2048 | 3,000,000 | 2,786,125 | ||||||
| Westminster Presbyterian Homes Obligated Group, Revenue, Series 2018 A-1, 6.38%, 12/01/2053 | 3,000,000 | 2,771,588 | ||||||
| 277,881,550 | ||||||||
| Guam 0.1% | ||||||||
| Guam Government Waterworks Authority, | ||||||||
| Revenue, Series 2025A, 5.50%, 07/01/2043 (f) | 1,065,000 | 1,108,212 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Guam | ||||||||
| Revenue, Series 2025A, 5.50%, 07/01/2045 (f) | 1,000,000 | 1,032,140 | ||||||
| Revenue, Series 2025A, 5.50%, 07/01/2055 (f) | 1,500,000 | 1,523,667 | ||||||
| 3,664,019 | ||||||||
| Hawaii 0.1% | ||||||||
| State of Hawaii Department of Budget & Finance, | ||||||||
| Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2034 (e) | 3,000,000 | 2,989,167 | ||||||
| Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2039 (e) | 2,780,000 | 2,593,369 | ||||||
| Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.13%, 07/01/2043 (e) | 2,500,000 | 2,237,477 | ||||||
| Queen's Health Systems Obligated Group (The), Revenue, Series 2025B, 2.35%, 08/01/2025 (b)(c) | 1,000,000 | 1,000,000 | ||||||
| 8,820,013 | ||||||||
| Idaho 0.4% | ||||||||
| Avimor Community Infrastructure District No. 1, | ||||||||
| Assessment Area 5, Special Assessment, Series 2024, 5.88%, 09/01/2053 (e) | 2,452,000 | 2,458,857 | ||||||
| Assessment Area 6, Special Assessment, Series 2024 B, 5.50%, 09/01/2053 (e) | 3,000,000 | 2,878,570 | ||||||
| Spring Valley Community Infrastructure District No. 1, | ||||||||
| Assessment Area 1, Special Assessment, Series 2021, 3.75%, 09/01/2051 (e) | 1,413,000 | 1,261,437 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.25%, 09/01/2053 (e) | 9,000,000 | 8,960,292 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 6.25%, 09/01/2054 (e) | 9,300,000 | 9,244,152 | ||||||
| 24,803,308 | ||||||||
| Illinois 4.0% | ||||||||
| Bellwood Municipal Housing Corp., | ||||||||
| Village of Bellwood, Revenue, Series 2024, 6.38%, 12/01/2059 (e) | 8,450,000 | 7,562,747 | ||||||
| Chicago Board of Education, | ||||||||
| GO, Series 2017 H, 5.00%, 12/01/2046 | 6,525,000 | 5,803,367 | ||||||
| GO, Series 2018 D, 5.00%, 12/01/2046 | 7,465,000 | 6,647,470 | ||||||
| GO, Series 2022 A, 5.00%, 12/01/2047 | 1,000,000 | 899,556 | ||||||
| GO, Refunding, Series 2022 B, 4.00%, 12/01/2041 | 12,885,000 | 11,038,074 | ||||||
| City of Chicago, | ||||||||
| GO, BAM Insured, Series 2025 A, 6.00%, 01/01/2046 | 16,000,000 | 16,939,893 | ||||||
| GO, Series 2025 A, 6.00%, 01/01/2050 | 37,800,000 | 38,622,331 | ||||||
| GO, Series 2025 C, 6.00%, 01/01/2043 | 800,000 | 837,101 | ||||||
| GO, Series 2025 F, 6.00%, 01/01/2045 | 1,755,000 | 1,819,694 | ||||||
| GO, Series 2025 F, 6.00%, 01/01/2050 | 4,500,000 | 4,606,779 | ||||||
| GO, Series 2025 F, 6.00%, 01/01/2055 | 6,000,000 | 6,113,302 | ||||||
| City of Harvey, | ||||||||
| GO, Refunding, Series 2023 A, 4.50%, 01/01/2054 | 4,662,000 | 3,767,903 | ||||||
| City of Palos Heights, | ||||||||
| Trinity Christian College Association Obligated Group, Revenue, Refunding, Series 2024 A, 7.00%, 01/01/2050 | 8,790,000 | 7,732,793 | ||||||
| Trinity Christian College Association Obligated Group, Revenue, Refunding, Series 2024 B, 8.50%, 01/01/2032 | 1,210,000 | 1,211,019 | ||||||
| County of Cook, | ||||||||
| Deerfield SLF LP, Revenue, Series 2024, 6.50%, 01/01/2045 | 18,000,000 | 17,302,646 | ||||||
| Illinois Finance Authority, | ||||||||
| AIM Art in Motion, Revenue, Series 2021A, 5.00%, 07/01/2051 (e) | 3,000,000 | 2,045,143 | ||||||
| Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2038 | 5,320,000 | 4,367,511 | ||||||
| Bradley University, Revenue, Refunding, Series 2021 A, 4.00%, 08/01/2051 | 4,750,000 | 3,559,407 | ||||||
| Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.00%, 10/01/2045 (e) | 2,360,000 | 2,303,993 | ||||||
| Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.13%, 10/01/2050 (e) | 1,250,000 | 1,217,328 | ||||||
| Columbia College Chicago, Revenue, Series 2019, 5.00%, 12/01/2044 | 2,175,000 | 1,850,898 | ||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2036 | 1,725,000 | 1,653,607 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Illinois | ||||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2019, 4.00%, 09/01/2037 | 400,000 | 344,302 | ||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2040 | 5,585,000 | 5,089,632 | ||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2025 A, 5.88%, 09/01/2046 (e) | 43,200,000 | 41,078,889 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 4.00%, 05/15/2035 | 15,000 | 14,297 | ||||||
| Navy Pier, Inc. Obligated Group, Revenue, Refunding, Series 2024 B, 5.00%, 10/01/2044 (e) | 750,000 | 690,522 | ||||||
| Navy Pier, Inc. Obligated Group, Revenue, Refunding, Series 2024 B, 5.00%, 10/01/2049 (e) | 3,700,000 | 3,328,756 | ||||||
| Northwestern Memorial Healthcare Obligated Group, Revenue, Refunding, Series 2021B, 2.80%, 08/01/2025 (b)(c) | 3,000,000 | 3,000,000 | ||||||
| Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2036 | 325,000 | 315,207 | ||||||
| Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2056 | 1,255,000 | 1,010,699 | ||||||
| Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.63%, 05/15/2052 | 1,085,000 | 1,113,706 | ||||||
| Roosevelt University, Revenue, Refunding, Series 2018 A, 6.13%, 04/01/2058 (e) | 100,000 | 92,978 | ||||||
| Roosevelt University, Revenue, Refunding, Series 2018 B, 6.00%, 04/01/2038 (e) | 1,185,000 | 1,179,481 | ||||||
| Roosevelt University, Revenue, Series 2019 A, 6.13%, 04/01/2049 (e) | 2,500,000 | 2,340,411 | ||||||
| Roosevelt University, Revenue, Series 2019 A, 6.13%, 04/01/2058 (e) | 1,350,000 | 1,255,195 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2027 | 485,000 | 478,508 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2028 | 670,000 | 657,386 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2029 | 1,050,000 | 1,021,897 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2030 | 725,000 | 698,355 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2037 | 6,000,000 | 5,110,595 | ||||||
| Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 05/01/2038 | 2,165,000 | 2,051,945 | ||||||
| Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 05/01/2048 | 4,040,000 | 3,283,387 | ||||||
| Illinois Housing Development Authority, | ||||||||
| Revenue, FHA Insured, Series 2025 A, 5.15%, 07/01/2065 | 3,450,000 | 3,340,177 | ||||||
| Stonebridge of Gurnee LLC, Revenue, Series A, 5.45%, 01/01/2046 (e) | 1,640,000 | 1,494,702 | ||||||
| Stonebridge of Gurnee LLC, Revenue, Series A, 5.60%, 01/01/2056 (e) | 1,000,000 | 891,603 | ||||||
| Sangamon County School District No. 186 Springfield, | ||||||||
| GO, BAM Insured, Series 2025, 5.50%, 06/01/2060 | 10,000,000 | 10,333,792 | ||||||
| GO, BAM Insured, Series 2025, 5.00%, 06/01/2062 | 6,075,000 | 5,960,368 | ||||||
| Upper Illinois River Valley Development Authority, | ||||||||
| Northern Kane Educational Corp., Revenue, Refunding, Series 2017 A, 5.25%, 12/01/2047 (e) | 2,000,000 | 1,733,176 | ||||||
| Northern Kane Educational Corp., Revenue, Series 2025 A, 6.00%, 12/01/2055 (e) | 2,000,000 | 1,939,186 | ||||||
| Village of Bellwood, | ||||||||
| Tax Allocation, Series 2024, 5.00%, 12/01/2050 | 6,750,000 | 6,362,053 | ||||||
| Village of Bridgeview, | ||||||||
| GO, Refunding, Series 2014 A, 5.13%, 12/01/2044 | 15,000 | 12,882 | ||||||
| GO, Refunding, Series 2015 A, 5.63%, 12/01/2041 | 100,000 | 96,065 | ||||||
| Village of Lincolnwood, | ||||||||
| North Lincoln Redevelopment Project Area, COP, Series 2021 A, 4.82%, 01/01/2041 (e) | 6,040,000 | 5,748,093 | ||||||
| Village of Lincolnwood Il, | ||||||||
| North Lincoln Redevelopment Project Area, COP, Series 2025 B, 5.75%, 12/01/2043 (e) | 1,200,000 | 1,182,066 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Illinois | ||||||||
| Village of Oswego, | ||||||||
| GO, Series 2025 A, 5.00%, 12/15/2050 | 1,465,000 | 1,429,080 | ||||||
| Village of Rantoul, | ||||||||
| Evans Road Redevelopment Area, Tax Allocation, Refunding, Series 2024, 5.25%, 12/01/2033 (e) | 6,095,000 | 6,070,190 | ||||||
| Village of Romeoville, | ||||||||
| Lewis University, Revenue, Refunding, Series 2018 B, 4.13%, 10/01/2041 | 1,190,000 | 990,249 | ||||||
| Lewis University, Revenue, Refunding, Series 2018 B, 4.13%, 10/01/2046 | 6,200,000 | 4,856,952 | ||||||
| Western Illinois Economic Development Authority, | ||||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 4.00%, 06/01/2036 | 1,500,000 | 1,311,529 | ||||||
| 275,810,873 | ||||||||
| Indiana 2.1% | ||||||||
| City of East Chicago, | ||||||||
| Revenue, Series 2025, 6.50%, 07/15/2044 (e) | 7,220,000 | 7,168,429 | ||||||
| City of Valparaiso, | ||||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2025 A, 6.25%, 10/01/2050 (e) | 2,500,000 | 2,430,068 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2025 B, 9.50%, 10/01/2035 (e) | 8,000,000 | 7,784,094 | ||||||
| Pratt Paper IN LLC, Revenue, AMT, Refunding, Series 2024, 4.88%, 01/01/2044 (e) | 2,260,000 | 2,111,760 | ||||||
| Pratt Paper IN LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 01/01/2054 (e) | 4,175,000 | 3,809,799 | ||||||
| Indiana Finance Authority, | ||||||||
| Revenue, Series 2025, 5.25%, 07/01/2055 | 6,300,000 | 5,573,124 | ||||||
| Revenue, Series 2025, 5.75%, 07/01/2060 | 5,550,000 | 5,199,547 | ||||||
| BHI Senior Living Obligated Group, Revenue, Series 2018 A, 5.00%, 11/15/2048 | 7,000,000 | 6,317,554 | ||||||
| BHI Senior Living Obligated Group, Revenue, Series 2018 A, 5.00%, 11/15/2053 | 2,765,000 | 2,443,482 | ||||||
| Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2037 | 1,025,000 | 825,183 | ||||||
| Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2042 | 5,000 | 3,652 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2014, 5.00%, 10/01/2039 | 750,000 | 682,549 | ||||||
| PRG - UINDY Properties LLC, Revenue, Series 2025, 5.25%, 07/01/2045 | 3,500,000 | 3,200,039 | ||||||
| PRG - UINDY Properties LLC, Revenue, Series 2025, 5.63%, 07/01/2050 | 5,000,000 | 4,702,680 | ||||||
| Retirement Living, Inc. Obligated Group, Revenue, Refunding, Series 2025 A, 5.38%, 03/01/2055 | 2,000,000 | 1,891,259 | ||||||
| Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.88%, 07/01/2038 (e) | 1,800,000 | 1,770,457 | ||||||
| Indiana Housing & Community Development Authority, | ||||||||
| Revenue, Refunding, GNMA Insured, Series 2024 D-1, 4.70%, 07/01/2049 (a) | 15,760,000 | 14,772,779 | ||||||
| Revenue, Refunding, GNMA Insured, Series 2024 D-1, 4.75%, 07/01/2054 (a) | 28,130,000 | 26,562,580 | ||||||
| Revenue, GNMA Insured, Series 2025 B-1, 5.00%, 07/01/2050 (a) | 13,665,000 | 13,565,376 | ||||||
| Revenue, GNMA Insured, Series 2025 B-1, 5.05%, 07/01/2055 (a) | 31,450,000 | 31,292,313 | ||||||
| Town of Whiteland, | ||||||||
| Patch Economic Development Area, Tax Allocation, Series 2022 A, 5.75%, 09/01/2047 (e) | 1,125,000 | 1,032,622 | ||||||
| Patch Economic Development Area, Tax Allocation, Series 2024 A, 6.13%, 03/01/2049 (e) | 2,725,000 | 2,607,720 | ||||||
| Town of Whitestown, | ||||||||
| Whitestown Redevelopment Commission, Tax Allocation, Series 2024, 5.50%, 09/01/2049 (e) | 2,170,000 | 1,972,400 | ||||||
| 147,719,466 | ||||||||
| Iowa 1.4% | ||||||||
| Crawford County Memorial Hospital, Inc., | ||||||||
| Revenue, Series 2024, 5.00%, 06/15/2027 | 1,515,000 | 1,535,584 | ||||||
| Delaware County Memorial Hospital, | ||||||||
| Revenue, Series 2025, 5.20%, 12/01/2035 | 715,000 | 722,818 | ||||||
| Revenue, Series 2025, 5.60%, 12/01/2038 | 840,000 | 840,123 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Iowa | ||||||||
| Revenue, Series 2025, 5.70%, 12/01/2039 | 890,000 | 886,770 | ||||||
| Iowa Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2022H, 2.70%, 08/01/2025 (b)(c) | 17,615,000 | 17,615,000 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.00%, 07/01/2050 | 5,020,000 | 4,983,402 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.05%, 07/01/2055 | 10,000,000 | 9,949,861 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 A, 5.00%, 05/15/2041 | 6,385,000 | 6,219,880 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 A, 5.00%, 05/15/2047 | 500,000 | 458,954 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, 05/15/2043 | 2,160,000 | 2,053,874 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, 05/15/2048 | 17,790,000 | 16,227,398 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 A-1, 4.00%, 05/15/2055 | 3,750,000 | 2,792,827 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 A-1, 5.00%, 05/15/2055 | 7,065,000 | 6,256,568 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 05/15/2053 | 1,700,000 | 1,282,147 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 05/15/2044 | 2,610,000 | 2,460,712 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 05/15/2049 | 2,400,000 | 2,177,490 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 05/15/2059 | 6,500,000 | 5,911,086 | ||||||
| Riserville Holdings, Inc., Revenue, AMT, Series 2021, 5.00%, 12/01/2051 (e) | 3,815,000 | 2,835,444 | ||||||
| Iowa Higher Education Loan Authority, | ||||||||
| Revenue, Series 2025, 5.00%, 10/01/2045 | 1,470,000 | 1,357,745 | ||||||
| University of Dubuque, Revenue, Series 2025, 6.00%, 10/01/2055 | 7,000,000 | 7,119,792 | ||||||
| Iowa Student Loan Liquidity Corp., | ||||||||
| Revenue, AMT, Series 2024 C, 5.00%, 12/01/2054 | 2,500,000 | 2,147,735 | ||||||
| 95,835,210 | ||||||||
| Kansas 0.3% | ||||||||
| City of Colby, | ||||||||
| Citizens Medical Center, Inc., Revenue, Series 2024, 5.50%, 07/01/2026 | 7,000,000 | 7,018,380 | ||||||
| City of Hutchinson, | ||||||||
| Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2036 | 1,310,000 | 1,169,719 | ||||||
| Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2041 | 755,000 | 614,337 | ||||||
| City of Wichita, | ||||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2019 III, 5.00%, 05/15/2050 | 400,000 | 315,878 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2024 VIII, 5.75%, 05/15/2045 | 1,000,000 | 926,937 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2024 VIII, 5.88%, 05/15/2050 | 1,000,000 | 905,304 | ||||||
| Wyandotte County-Kansas City Unified Government, | ||||||||
| Tax Allocation, Refunding, Series 2022, 5.75%, 03/01/2041 (e) | 7,500,000 | 7,554,835 | ||||||
| Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 09/01/2039 (e) | 1,500,000 | 1,520,576 | ||||||
| Sales Tax, Revenue, Series 2024 A, 5.25%, 03/01/2046 (e) | 10,230,000 | 9,237,501 | ||||||
| 29,263,467 | ||||||||
| Kentucky 1.4% | ||||||||
| City of Campbellsville, | ||||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2017, 4.50%, 03/01/2047 | 965,000 | 732,577 | ||||||
| City of Henderson, | ||||||||
| Pratt Paper LLC, Revenue, AMT, Series 2022 A, 4.70%, 01/01/2052 (e) | 2,000,000 | 1,752,145 | ||||||
| City of Hopkinsville, | ||||||||
| Ascend Elements, Inc., Revenue, AMT, Series 2024, 6.00%, 12/01/2031 (b)(g) | 66,300,000 | 65,612,986 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Kentucky | ||||||||
| Louisville, | ||||||||
| Norton Healthcare Obligated Group, Revenue, Series 2023D, 2.75%, 08/01/2025 (b)(c) | 29,865,000 | 29,865,000 | ||||||
| Louisville/Jefferson County Metropolitan Government, | ||||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2027 | 500,000 | 498,177 | ||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2031 | 1,790,000 | 1,747,547 | ||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2040 | 1,210,000 | 1,040,201 | ||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 05/01/2033 | 2,270,000 | 2,172,671 | ||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 05/01/2036 | 2,715,000 | 2,493,142 | ||||||
| 105,914,446 | ||||||||
| Louisiana 2.1% | ||||||||
| Calcasieu Parish Memorial Hospital Service District, | ||||||||
| Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2034 | 250,000 | 250,073 | ||||||
| Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2039 | 8,305,000 | 7,765,991 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, | ||||||||
| Christwood Obligated Group, Revenue, Refunding, Series 2024, 5.25%, 11/15/2053 (e) | 1,000,000 | 886,674 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2029 (e) | 815,000 | 814,582 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2039 (e) | 2,900,000 | 2,584,958 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2054 (e) | 11,995,000 | 9,364,210 | ||||||
| Louisiana Public Facilities Authority, | ||||||||
| Athlos Academy of Jefferson, Revenue, Series 2024 A, 7.38%, 06/01/2054 (e) | 5,000,000 | 5,122,937 | ||||||
| Calcasieu Bridge Partners LLC, Revenue, Senior Lien, AMT, Series 2024, 5.75%, 09/01/2064 | 39,625,000 | 40,229,131 | ||||||
| Calcasieu Bridge Partners LLC, Revenue, Senior Lien, AMT, Series 2024, 5.00%, 09/01/2066 | 45,425,000 | 41,373,008 | ||||||
| Lafayette Renaissance Charter Academy, Revenue, Series 2025, 6.38%, 06/15/2053 (e) | 9,500,000 | 9,264,853 | ||||||
| Lafayette Renaissance Charter Academy, Revenue, Series 2025, 6.50%, 06/15/2059 (e) | 9,000,000 | 8,849,848 | ||||||
| Lake Charles College Prep, Revenue, Series 2019 A, 5.00%, 06/01/2049 (e) | 6,315,000 | 5,456,595 | ||||||
| Lake Charles College Prep, Revenue, Series 2019 A, 5.00%, 06/01/2058 (e) | 8,760,000 | 7,352,452 | ||||||
| Parish of St. James, | ||||||||
| NuStar Logistics LP, Revenue, Series 2010, 6.35%, 07/01/2040 (e) | 1,000,000 | 1,071,186 | ||||||
| 140,386,498 | ||||||||
| Maine 0.5% | ||||||||
| Maine Health & Higher Educational Facilities Authority, | ||||||||
| Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 4.00%, 07/01/2041 | 30,000 | 23,525 | ||||||
| Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 5.00%, 07/01/2046 | 8,000,000 | 7,022,694 | ||||||
| Maine State Housing Authority, | ||||||||
| Revenue, Series 2024 D, 4.75%, 11/15/2054 (a) | 8,750,000 | 8,219,911 | ||||||
| Revenue, Series 2024 F, 4.55%, 11/15/2044 (a) | 5,600,000 | 5,310,569 | ||||||
| Revenue, Series 2024 F, 4.70%, 11/15/2049 (a) | 9,410,000 | 8,916,369 | ||||||
| Revenue, Series 2024 F, 4.75%, 11/15/2054 (a) | 8,000,000 | 7,515,347 | ||||||
| 37,008,415 | ||||||||
| Maryland 0.9% | ||||||||
| City of Baltimore, | ||||||||
| Poppleton Development District, Tax Allocation, Series A, 5.38%, 06/01/2036 | 1,000,000 | 959,240 | ||||||
| Poppleton Development District, Tax Allocation, Series A, 5.50%, 06/01/2043 | 1,450,000 | 1,339,966 | ||||||
| County of Frederick, | ||||||||
| Mount St Mary's University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2045 (e) | 2,470,000 | 2,159,681 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Maryland | ||||||||
| County of Prince George's, | ||||||||
| Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2037 | 7,000,000 | 6,733,637 | ||||||
| Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.25%, 07/01/2048 (e) | 3,000,000 | 2,950,110 | ||||||
| Maryland Department of Housing & Community Development, | ||||||||
| Revenue, Series 2025 B, 5.10%, 07/01/2050 | 700,000 | 680,514 | ||||||
| Revenue, Series 2025 B, 5.15%, 07/01/2055 | 995,000 | 985,463 | ||||||
| Revenue, Series 2025 B, 5.20%, 07/01/2060 | 1,715,000 | 1,715,646 | ||||||
| Revenue, Series 2025 B, 5.25%, 07/01/2067 | 1,735,000 | 1,707,912 | ||||||
| Revenue, Series 2025 C, 5.15%, 07/01/2055 | 3,065,000 | 3,026,471 | ||||||
| Revenue, Series 2025 C, 5.25%, 07/01/2060 | 8,305,000 | 8,334,803 | ||||||
| Revenue, Series 2025 C, 5.30%, 07/01/2067 | 10,590,000 | 10,565,723 | ||||||
| Maryland Economic Development Corp., | ||||||||
| City of Baltimore, Revenue, Series 2024, 5.00%, 07/01/2039 | 1,965,000 | 2,010,766 | ||||||
| City of Baltimore, Revenue, Series 2024, 5.00%, 07/01/2044 | 2,175,000 | 2,126,063 | ||||||
| City of Baltimore, Revenue, Series 2024, 5.00%, 07/01/2056 | 7,755,000 | 7,478,802 | ||||||
| Maryland Health & Higher Educational Facilities Authority, | ||||||||
| Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2044 | 7,210,000 | 6,476,880 | ||||||
| UPMC Obligated Group, Revenue, Series 2020 B, 4.00%, 04/15/2050 | 2,000,000 | 1,665,793 | ||||||
| Prince George's County Revenue Authority, | ||||||||
| County of Prince George's MD Suitland-Naylor Road Development District, Tax Allocation, Series 2016, 5.00%, 07/01/2046 (e) | 5,000,000 | 4,768,219 | ||||||
| 65,685,689 | ||||||||
| Massachusetts 1.4% | ||||||||
| Massachusetts Bay Transportation Authority Sales Tax, | ||||||||
| Revenue, Series 2025 B, 5.00%, 07/01/2055 (a) | 10,000,000 | 10,098,199 | ||||||
| Revenue, Series 2025 B, 5.25%, 07/01/2055 (a) | 16,000,000 | 16,545,037 | ||||||
| Massachusetts Development Finance Agency, | ||||||||
| Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2041 (e) | 1,620,000 | 1,413,212 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2051 (e) | 7,280,000 | 5,681,504 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2056 (e) | 2,310,000 | 1,757,990 | ||||||
| Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 6.38%, 07/15/2045 (e) | 4,800,000 | 4,657,460 | ||||||
| Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 6.50%, 07/15/2060 (e) | 26,000,000 | 24,881,932 | ||||||
| CHF Merrimack, Inc., Revenue, Series 2024 A, 5.00%, 07/01/2060 (e) | 2,300,000 | 2,009,281 | ||||||
| Lasell University, Revenue, Refunding, Series 2021, 4.00%, 07/01/2045 | 1,650,000 | 1,264,168 | ||||||
| PRG Medford Properties, Inc., Revenue, Series 2025, 5.25%, 06/01/2055 | 4,635,000 | 4,636,973 | ||||||
| PRG Medford Properties, Inc., Revenue, Series 2025, 5.25%, 06/01/2060 | 7,975,000 | 7,990,545 | ||||||
| PRG Medford Properties, Inc., Revenue, Series 2025, 5.25%, 06/01/2065 | 9,540,000 | 9,544,060 | ||||||
| Seven Hills Foundation Obligated Group, Revenue, Refunding, Series 2025, 6.00%, 09/01/2045 | 1,000,000 | 1,042,753 | ||||||
| Seven Hills Foundation Obligated Group, Revenue, Refunding, Series 2025, 6.00%, 09/01/2055 | 1,000,000 | 1,011,684 | ||||||
| Suffolk University, Revenue, Series 2021, 4.00%, 07/01/2046 | 4,620,000 | 3,683,964 | ||||||
| Suffolk University, Revenue, Series 2021, 4.00%, 07/01/2051 | 4,750,000 | 3,659,792 | ||||||
| Massachusetts Educational Financing Authority, | ||||||||
| Revenue, AMT, Series 2021 C, 3.00%, 07/01/2051 | 1,545,000 | 956,237 | ||||||
| Revenue, AMT, Series 2022 C, 4.13%, 07/01/2052 | 1,000,000 | 762,409 | ||||||
| Town of Plymouth, | ||||||||
| GO, Refunding, Series 2021, 2.00%, 05/01/2036 | 1,460,000 | 1,143,896 | ||||||
| 102,741,096 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Michigan 1.4% | ||||||||
| Flint Hospital Building Authority, | ||||||||
| Hurley Medical Center, Revenue, Series 2013 A, 5.25%, 07/01/2039 | 2,075,000 | 2,055,351 | ||||||
| Hurley Medical Center, Revenue, Refunding, Series 2020, 4.00%, 07/01/2041 | 310,000 | 276,834 | ||||||
| Kalamazoo Economic Development Corp., | ||||||||
| Heritage Community of Kalamazoo Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 05/15/2042 | 425,000 | 389,359 | ||||||
| Michigan Finance Authority, | ||||||||
| Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2032 | 925,000 | 682,210 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2034 | 650,000 | 464,140 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2041 | 4,075,000 | 2,716,313 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2051 | 1,895,000 | 1,142,777 | ||||||
| Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031 | 1,080,000 | 862,198 | ||||||
| Hanley International Academy, Inc., Revenue, Refunding, Series 2021, 5.00%, 09/01/2040 | 2,000,000 | 1,868,278 | ||||||
| Huron Academy, Revenue, Refunding, Series 2024, 5.00%, 10/01/2044 | 1,375,000 | 1,244,528 | ||||||
| Huron Academy, Revenue, Refunding, Series 2024, 5.00%, 10/01/2054 | 2,795,000 | 2,410,627 | ||||||
| Michigan State Building Authority, | ||||||||
| State of Michigan, Revenue, Series 2024 I, 2.39%, 08/01/2025 (b)(g) | 3,315,000 | 3,315,000 | ||||||
| State of Michigan, Revenue, Refunding, Series III, 2.39%, 08/11/2025 (b)(c) | 400,000 | 400,000 | ||||||
| Michigan State Housing Development Authority, | ||||||||
| Revenue, Series 2021 A, 2.70%, 10/01/2056 | 5,010,000 | 3,000,172 | ||||||
| Revenue, Series 2024 A, 4.70%, 10/01/2054 | 1,485,000 | 1,361,667 | ||||||
| Revenue, Series 2024 A, 4.75%, 10/01/2059 | 7,100,000 | 6,641,433 | ||||||
| Revenue, Series 2024 A, 4.80%, 10/01/2064 | 11,800,000 | 11,081,456 | ||||||
| Revenue, Series 2024 D, 4.45%, 12/01/2049 | 2,500,000 | 2,256,920 | ||||||
| Revenue, Series 2024 D, 4.55%, 06/01/2055 (a) | 21,360,000 | 19,473,901 | ||||||
| Revenue, Series 2025 A, 4.95%, 12/01/2050 (a) | 8,915,000 | 8,605,498 | ||||||
| Revenue, Series 2025 A, 5.00%, 12/01/2055 (a) | 20,540,000 | 20,337,777 | ||||||
| Michigan Strategic Fund, | ||||||||
| United Methodist Retirement Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 05/15/2044 | 1,000,000 | 914,319 | ||||||
| Tipton Academy, | ||||||||
| Revenue, Series 2021, 4.00%, 06/01/2051 | 945,000 | 654,347 | ||||||
| 92,155,105 | ||||||||
| Minnesota 0.4% | ||||||||
| City of Apple Valley, | ||||||||
| Orchard Path Phase III Project, Revenue, Series 2025 A, 5.38%, 09/01/2045 | 475,000 | 457,050 | ||||||
| PHS Apple Valley Senior Housing, Inc., Revenue, Series 2025 A, 5.50%, 09/01/2055 | 625,000 | 597,212 | ||||||
| PHS Apple Valley Senior Housing, Inc., Revenue, Series 2025 A, 5.63%, 09/01/2065 | 1,000,000 | 955,770 | ||||||
| City of Bethel, | ||||||||
| Spectrum Building Co., Revenue, Series 2024, 5.00%, 07/01/2059 | 1,750,000 | 1,561,348 | ||||||
| City of Bethel Housing and Health Care Facilities, | ||||||||
| Second Century Housing & Owatonna Senior Living LLC Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 03/01/2044 | 1,250,000 | 1,191,531 | ||||||
| Second Century Housing & Owatonna Senior Living LLC Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 03/01/2049 | 1,400,000 | 1,283,176 | ||||||
| City of Cologne, | ||||||||
| Cologne Academy, Revenue, Series 2014 A, 5.00%, 07/01/2045 | 3,565,000 | 3,194,797 | ||||||
| City of Marshall, | ||||||||
| Southwest & West Central Service Cooperatives, Revenue, Series 2024 A, 5.13%, 02/01/2041 | 675,000 | 664,499 | ||||||
| Southwest & West Central Service Cooperatives, Revenue, Series 2024 A, 5.38%, 02/01/2045 | 725,000 | 705,018 | ||||||
| City of Shakopee, | ||||||||
| Benedictine Living Community of Shakopee LLC, Revenue, Series 2018, 5.85%, 11/01/2025 (b)(e)(g) | 5,640,000 | 5,626,233 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Minnesota | ||||||||
| City of St Bonifacius, | ||||||||
| Augustana Chapel View Homes, Inc., Revenue, Series 2025, 6.50%, 06/01/2060 | 10,000,000 | 9,672,621 | ||||||
| Dakota County Community Development Agency, | ||||||||
| Sanctuary at West St. Paul (The), Revenue, Series 2015, 6.00%, 08/01/2035 | 2,700,000 | 2,083,933 | ||||||
| Minnesota Higher Education Facilities Authority, | ||||||||
| Augsburg University, Revenue, Series 2016 A, 5.00%, 05/01/2046 | 1,630,000 | 1,079,032 | ||||||
| 29,072,220 | ||||||||
| Mississippi 0.5% | ||||||||
| County of Tunica, | ||||||||
| Revenue, Refunding, Series 2019, 6.00%, 10/01/2040 | 4,740,000 | 4,735,446 | ||||||
| County of Washington, | ||||||||
| Delta Regional Medical Center, Revenue, Refunding, Series 2019, 4.25%, 02/01/2036 | 4,180,000 | 3,505,577 | ||||||
| Mississippi Business Finance Corp., | ||||||||
| Chevron USA, Inc., Revenue, Series 2010 G, 2.70%, 08/01/2025 (b)(c) | 270,000 | 270,000 | ||||||
| Chevron USA, Inc., Revenue, Series 2010 L, 2.70%, 08/01/2025 (b)(c) | 1,185,000 | 1,185,000 | ||||||
| Mississippi Development Bank, | ||||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.25%, 03/01/2036 | 230,000 | 172,689 | ||||||
| Mississippi Home Corp., | ||||||||
| Revenue, GNMA Insured, Series 2025 A, 4.80%, 12/01/2045 (a) | 10,000,000 | 9,647,410 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 4.90%, 12/01/2050 (a) | 15,000,000 | 14,374,288 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 4.95%, 06/01/2053 | 3,500,000 | 3,417,016 | ||||||
| Natchez-Adams School District, | ||||||||
| GO, Series 2020, 1.75%, 03/01/2036 | 510,000 | 331,762 | ||||||
| Revenue, Series 2020, 2.38%, 02/01/2037 | 1,145,000 | 806,975 | ||||||
| GO, Series 2020, 1.75%, 03/01/2037 | 520,000 | 322,097 | ||||||
| Revenue, Series 2020, 2.50%, 02/01/2039 | 15,000 | 9,938 | ||||||
| Revenue, Series 2020, 2.50%, 02/01/2040 | 10,000 | 6,342 | ||||||
| 38,784,540 | ||||||||
| Missouri 1.4% | ||||||||
| Bear Creek Community Improvement District, | ||||||||
| Revenue, Refunding, Series 2025, 6.25%, 05/01/2045 (f) | 2,500,000 | 2,490,143 | ||||||
| Cape Girardeau County Industrial Development Authority, | ||||||||
| West Park Mall Redevelopment Area, Tax Allocation, Series 2024, 5.50%, 05/01/2044 (e) | 3,570,000 | 3,243,884 | ||||||
| West Park Mall Redevelopment Area, Tax Allocation, Series 2024, 5.75%, 05/01/2054 (e) | 10,000,000 | 8,873,987 | ||||||
| Citizens Memorial Hospital District, | ||||||||
| Revenue, Series 2024 D, 6.75%, 02/01/2053 | 575,000 | 547,889 | ||||||
| Grindstone Plaza Transportation Development District, | ||||||||
| Revenue, Series 2006 A, 5.40%, 10/01/2026 | 120,000 | 120,012 | ||||||
| Revenue, Series 2006 A, 5.50%, 10/01/2031 | 2,280,000 | 2,271,735 | ||||||
| Revenue, Series 2006 A, 5.55%, 10/01/2036 | 1,840,000 | 1,754,781 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, | ||||||||
| Maryville University of St. Louis, Revenue, Series 2025 A, 5.00%, 06/15/2040 | 1,500,000 | 1,461,000 | ||||||
| Maryville University of St. Louis, Revenue, Series 2025 A, 5.50%, 06/15/2047 | 2,880,000 | 2,763,526 | ||||||
| Industrial Development Authority of the City of St. Louis Missouri (The), | ||||||||
| Revenue, Refunding, Series 2024 A, 4.88%, 06/15/2034 | 450,000 | 447,667 | ||||||
| Revenue, Refunding, Series 2024 A, Class A, 5.75%, 06/15/2054 | 7,200,000 | 6,961,170 | ||||||
| Kansas City Industrial Development Authority, | ||||||||
| City of Kansas City Historic Northeast Redevelopment Area, Revenue, Series 2024 A-1, 5.00%, 06/01/2054 (e) | 3,000,000 | 2,645,825 | ||||||
| Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2036 (e) | 1,000,000 | 955,846 | ||||||
| Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2046 (e) | 3,515,000 | 3,013,488 | ||||||
| Lees Summit Industrial Development Authority, | ||||||||
| John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 08/15/2044 | 540,000 | 519,183 | ||||||
| John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.63%, 08/15/2054 | 1,940,000 | 1,847,280 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Missouri | ||||||||
| John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.75%, 08/15/2059 | 1,835,000 | 1,739,706 | ||||||
| Missouri Housing Development Commission, | ||||||||
| Revenue, GNMA Insured, Series 2025 C, 4.85%, 11/01/2045 (a) | 13,955,000 | 13,526,890 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 4.95%, 11/01/2050 (a) | 10,955,000 | 10,576,792 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.00%, 11/01/2055 (a) | 8,710,000 | 8,624,271 | ||||||
| Rolla Industrial Development Authority, | ||||||||
| Westside Marketplace Redevelopment Project - RPA 1, Tax Allocation, Series 2017 A, 5.38%, 05/01/2044 | 860,000 | 804,617 | ||||||
| St Louis County Industrial Development Authority, | ||||||||
| Friendship Village St Louis Obligated Group, Revenue, Series 2018 A, 5.25%, 09/01/2053 | 10,070,000 | 9,199,596 | ||||||
| St. Charles County Industrial Development Authority, | ||||||||
| Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 4.25%, 10/01/2034 (e) | 1,265,000 | 1,117,805 | ||||||
| Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 5.00%, 10/01/2046 (e) | 3,775,000 | 3,027,643 | ||||||
| 88,534,736 | ||||||||
| Montana 0.0%(d) | ||||||||
| City of Kalispell, | ||||||||
| Immanuel Living at Buffalo Hill Obligated Group, Revenue, Refunding, Series 2025 A, 6.00%, 05/15/2060 | 3,000,000 | 2,900,274 | ||||||
| Montana Facility Finance Authority, | ||||||||
| Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2040 | 240,000 | 182,195 | ||||||
| Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2044 | 1,580,000 | 1,075,752 | ||||||
| Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2050 | 2,095,000 | 1,307,425 | ||||||
| 5,465,646 | ||||||||
| Nebraska 1.1% | ||||||||
| Douglas County Hospital Authority No. 2, | ||||||||
| Madonna Rehabilitation Hospital Obligated Group, Revenue, Series 2014, 5.00%, 05/15/2044 | 5,750,000 | 5,511,742 | ||||||
| Nebraska Investment Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2024 G, 4.55%, 09/01/2044 (a) | 4,470,000 | 4,231,057 | ||||||
| Revenue, GNMA Insured, Series 2024 G, 4.70%, 09/01/2051 (a) | 9,690,000 | 9,021,502 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 4.65%, 09/01/2055 | 6,000,000 | 5,575,045 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.05%, 09/01/2045 (a) | 4,900,000 | 4,900,722 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.13%, 09/01/2050 (a) | 15,000,000 | 15,018,880 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.20%, 09/01/2055 (a) | 28,145,000 | 28,173,059 | ||||||
| 72,432,007 | ||||||||
| Nevada 2.5% | ||||||||
| City of Las Vegas, | ||||||||
| Special Improvement District No. 613, Special Assessment, Series 2024, 5.25%, 12/01/2047 | 550,000 | 520,935 | ||||||
| Special Improvement District No. 613, Special Assessment, Series 2024, 5.50%, 12/01/2053 | 600,000 | 580,231 | ||||||
| Special Improvement District No. 818, Special Assessment, Series 2024, 5.00%, 12/01/2054 | 1,200,000 | 1,092,357 | ||||||
| City of Reno, | ||||||||
| 2024 Special Assessment District No. 1, Special Assessment, Series 2025, 5.13%, 06/01/2047 (e) | 140,000 | 129,801 | ||||||
| 2024 Special Assessment District No. 1, Special Assessment, Series 2025, 5.25%, 06/01/2054 (e) | 1,225,000 | 1,122,787 | ||||||
| City of Sparks, | ||||||||
| Special Improvement District No. 1, Special Assessment, Series 2024, 5.13%, 06/01/2054 | 500,000 | 462,028 | ||||||
| Nevada Housing Division, | ||||||||
| Revenue, Senior Lien, Refunding, GNMA Insured, Series 2025 A, 4.75%, 10/01/2055 | 5,340,000 | 5,082,245 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Nevada | ||||||||
| State of Nevada Department of Business & Industry, | ||||||||
| Desertxpress Enterprises LLC, Revenue, AMT, Series 2025 A, 9.50%, 01/01/2033 (b)(e)(g) | 193,160,000 | 167,600,567 | ||||||
| 176,590,951 | ||||||||
| New Hampshire 2.2% | ||||||||
| New Hampshire Business Finance Authority, | ||||||||
| Revenue, Series 2024, 5.63%, 02/01/2030 (e) | 5,000,000 | 5,008,477 | ||||||
| Revenue, Series 2024, 5.38%, 12/01/2031 (e) | 4,800,000 | 4,794,160 | ||||||
| Revenue, Series 2024, 5.88%, 12/15/2032 (e) | 13,474,000 | 13,250,139 | ||||||
| Revenue, Series 2024, 0.00%, 12/01/2034 (e)(h) | 6,000,000 | 3,228,078 | ||||||
| Revenue, Series 2024, 5.25%, 12/01/2035 (e) | 20,700,000 | 20,622,890 | ||||||
| Revenue, Series 2024, 5.38%, 12/15/2035 (e) | 36,300,000 | 35,464,926 | ||||||
| Revenue, Series 2025, 0.00%, 12/01/2031 (e)(h) | 5,000,000 | 3,411,817 | ||||||
| Revenue, Series 2025, 0.00%, 12/15/2032 (e)(h) | 8,571,000 | 5,317,816 | ||||||
| Revenue, Series 2025 A, 0.00%, 02/01/2035 (e)(h) | 8,000,000 | 4,384,098 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2041 (e) | 3,765,000 | 3,284,410 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2051 (e) | 4,445,000 | 3,468,995 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2056 (e) | 3,910,000 | 2,975,645 | ||||||
| Brazoria County Municipal Utility District No. 83, Revenue, Series 2024, 5.30%, 12/01/2032 (e) | 7,728,000 | 7,698,702 | ||||||
| Brazoria-Fort Bend County Municipal Utility District No. 3, Revenue, Series 2024, 4.88%, 12/01/2033 (e) | 5,600,000 | 5,559,225 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.50%, 04/01/2043 | 200,000 | 196,356 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.38%, 04/01/2049 | 295,000 | 272,625 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.50%, 04/01/2054 | 275,000 | 258,714 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.63%, 04/01/2059 | 350,000 | 333,339 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.63%, 04/01/2045 | 250,000 | 245,629 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.75%, 04/01/2050 | 500,000 | 488,836 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.75%, 04/01/2055 | 1,410,000 | 1,372,774 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.88%, 04/01/2060 | 1,250,000 | 1,228,371 | ||||||
| Reworld Holding Corp., Revenue, Refunding, Series 2018 B, 4.63%, 11/01/2042 (e) | 2,995,000 | 2,643,787 | ||||||
| Reworld Holding Corp., Revenue, AMT, Refunding, Series 2018 C, 4.88%, 11/01/2042 (e) | 3,805,000 | 3,423,712 | ||||||
| Reworld Holding Corp., Revenue, Refunding, Series 2020 A, 3.63%, 07/02/2040 (b)(e)(g) | 250,000 | 197,091 | ||||||
| Reworld Holding Corp., Revenue, AMT, Refunding, Series 2020 B, 3.75%, 07/02/2040 (b)(e)(g) | 5,600,000 | 4,404,551 | ||||||
| Travis County Municipal Utility District No. 22, Revenue, Series 2025, 0.00%, 12/01/2031 (e)(f)(h) | 10,000,000 | 6,620,357 | ||||||
| Waller County Municipal Utility District No. 38, Revenue, Series 2024, 0.00%, 04/01/2032 (e)(h) | 4,983,000 | 3,281,810 | ||||||
| New Hampshire Health and Education Facilities Authority, | ||||||||
| Catholic Medical Center Obligated Group, Revenue, Pre-Refunded, Series 2017, 3.50%, 07/01/2034 | 20,000 | 20,371 | ||||||
| New Hampshire Health and Education Facilities Authority Act, | ||||||||
| Catholic Medical Center Obligated Group, Revenue, Pre-Refunded, Series 2017, 5.00%, 07/01/2044 | 40,000 | 41,881 | ||||||
| Rivier University, Revenue, Refunding, Series 2024, 5.00%, 02/01/2049 | 10,000,000 | 9,367,054 | ||||||
| 152,866,636 | ||||||||
| New Jersey 0.7% | ||||||||
| Hillsborough Township School District, | ||||||||
| GO, Series 2020, 2.00%, 07/15/2036 | 285,000 | 215,610 | ||||||
| New Jersey Economic Development Authority, | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| New Jersey | ||||||||
| DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.38%, 01/01/2035 (e) | 13,750,000 | 13,965,548 | ||||||
| DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.63%, 01/01/2045 (e) | 26,550,000 | 26,992,116 | ||||||
| LEAP Academy University Charter School, Inc., Revenue, Series 2014 A, 6.20%, 10/01/2044 (e) | 100,000 | 100,013 | ||||||
| Lutheran Social Ministries at Crane's Mill, Inc., Revenue, Refunding, Series 2018, 5.00%, 01/01/2049 | 2,400,000 | 2,081,588 | ||||||
| Teaneck Community Charter School A New Jersey Nonprofit Corp., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2037 (e) | 1,120,000 | 1,117,047 | ||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2012, 5.75%, 09/15/2027 | 500,000 | 501,020 | ||||||
| New Jersey Educational Facilities Authority, | ||||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.63%, 07/01/2034 | 65,000 | 51,404 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2036 | 405,000 | 345,799 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 4.00%, 07/01/2042 | 140,000 | 96,389 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2047 | 4,235,000 | 3,136,934 | ||||||
| 48,603,468 | ||||||||
| New Mexico 0.1% | ||||||||
| Aspire Public Improvement District, | ||||||||
| Special Tax, Series 2024, 5.05%, 10/01/2044 | 500,000 | 444,783 | ||||||
| Special Tax, Series 2024, 5.30%, 10/01/2053 | 810,000 | 719,365 | ||||||
| Lower Petroglyphs Public Improvement District, | ||||||||
| Special Tax, Refunding, Series 2018, 5.00%, 10/01/2048 | 1,150,000 | 1,052,178 | ||||||
| New Mexico Hospital Equipment Loan Council, | ||||||||
| Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2039 | 2,000,000 | 1,876,668 | ||||||
| Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2049 | 1,500,000 | 1,263,832 | ||||||
| New Mexico Mortgage Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2025 C, 5.05%, 09/01/2050 | 2,340,000 | 2,338,467 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.10%, 09/01/2055 | 3,000,000 | 2,984,588 | ||||||
| 10,679,881 | ||||||||
| New York 6.4% | ||||||||
| Allegany County Capital Resource Corp., | ||||||||
| Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2037 | 1,525,000 | 1,377,238 | ||||||
| Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2042 | 1,925,000 | 1,622,299 | ||||||
| Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2052 | 6,185,000 | 4,795,973 | ||||||
| Buffalo Sewer Authority, | ||||||||
| Revenue, Series 2021, 1.75%, 06/15/2049 (g) | 3,030,000 | 2,112,540 | ||||||
| Build NYC Resource Corp., | ||||||||
| Albert Einstein College of Medicine, Inc., Revenue, Series 2015, 5.50%, 09/01/2045 (e) | 2,465,000 | 2,394,195 | ||||||
| Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2044 (e) | 725,000 | 658,292 | ||||||
| Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2049 (e) | 1,260,000 | 1,116,049 | ||||||
| Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2059 (e) | 5,375,000 | 4,616,332 | ||||||
| Shefa School, Revenue, Series 2021 A, 5.00%, 06/15/2051 (e) | 10,565,000 | 9,129,132 | ||||||
| TrIPs Obligated Group, Revenue, AMT, Series 2025, 5.50%, 07/01/2041 | 340,000 | 351,813 | ||||||
| TrIPs Obligated Group, Revenue, AMT, Series 2025, 5.50%, 07/01/2042 | 500,000 | 512,513 | ||||||
| TrIPs Obligated Group, Revenue, AMT, Series 2025, 5.50%, 07/01/2045 | 540,000 | 544,200 | ||||||
| TrIPs Obligated Group, Revenue, AMT, Series 2025, 5.50%, 07/01/2050 | 1,240,000 | 1,227,786 | ||||||
| TrIPs Obligated Group, Revenue, AMT, Series 2025, 5.50%, 07/01/2055 | 1,000,000 | 982,177 | ||||||
| City of New York, | ||||||||
| GO, Series 2017A, 2.75%, 08/01/2025 (b)(c) | 1,755,000 | 1,755,000 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| New York | ||||||||
| Hempstead Town Local Development Corp., | ||||||||
| Evergreen Charter School, Inc., Revenue, Series 2022 A, 5.25%, 06/15/2052 | 7,000,000 | 6,526,195 | ||||||
| Jefferson County Civic Facility Development Corp., | ||||||||
| Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2047 | 1,260,000 | 895,605 | ||||||
| Metropolitan Transportation Authority, | ||||||||
| Revenue, Refunding, Series 2012G-3, 2.80%, 08/01/2025 (b)(c) | 8,000,000 | 8,000,000 | ||||||
| Monroe County Industrial Development Corp., | ||||||||
| St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 4.00%, 01/01/2030 | 680,000 | 664,329 | ||||||
| St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2040 | 14,850,000 | 13,658,730 | ||||||
| St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2050 | 6,515,000 | 5,298,392 | ||||||
| New York City Housing Development Corp., | ||||||||
| Revenue, FHLMC Insured, Series 2025 A, 5.20%, 02/01/2055 (a) | 30,000,000 | 30,028,855 | ||||||
| Revenue, Series 2025 A-1, 4.80%, 11/01/2055 (a) | 15,885,000 | 15,121,548 | ||||||
| Revenue, Series 2025 A-1, 4.85%, 11/01/2060 (a) | 2,000,000 | 1,914,196 | ||||||
| Revenue, Series 2025 B-1, 5.05%, 11/01/2045 | 420,000 | 421,732 | ||||||
| Revenue, Series 2025 B-1, 5.20%, 11/01/2050 | 450,000 | 454,350 | ||||||
| Revenue, Series 2025 B-1, 5.25%, 11/01/2055 | 750,000 | 752,142 | ||||||
| Revenue, Series 2025 B-1, 5.30%, 11/01/2060 | 1,235,000 | 1,243,990 | ||||||
| Revenue, Series 2025 B-1, 5.35%, 11/01/2064 | 1,065,000 | 1,077,470 | ||||||
| Revenue, Series 2025 C-1, 5.13%, 11/01/2055 | 7,000,000 | 6,969,115 | ||||||
| Revenue, Series 2025 C-1, 5.20%, 11/01/2060 | 5,000,000 | 5,001,552 | ||||||
| Revenue, Series 2025 C-1, 5.25%, 05/01/2065 | 10,120,000 | 9,898,677 | ||||||
| New York Liberty Development Corp., | ||||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 2, 5.38%, 11/15/2040 (e) | 2,000,000 | 1,970,971 | ||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (e) | 2,000,000 | 2,001,081 | ||||||
| New York State Dormitory Authority, | ||||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2031 (e) | 1,000,000 | 1,002,555 | ||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2032 (e) | 1,100,000 | 1,100,204 | ||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2037 (e) | 2,000,000 | 1,899,484 | ||||||
| Pace University, Revenue, Series 2024 A, 5.50%, 05/01/2056 | 4,525,000 | 4,423,597 | ||||||
| St. Joseph's College, Revenue, Series 2021, 5.00%, 07/01/2051 | 1,750,000 | 1,419,924 | ||||||
| New York State Housing Finance Agency, | ||||||||
| Revenue, Series 2025 A1, 4.60%, 11/01/2045 | 485,000 | 465,274 | ||||||
| Revenue, Series 2025 A1, 4.80%, 11/01/2055 | 830,000 | 782,806 | ||||||
| Revenue, Series 2025 A1, 4.90%, 11/01/2068 | 2,175,000 | 2,076,107 | ||||||
| New York Transportation Development Corp., | ||||||||
| JFK Millennium Partners LLC, Revenue, AMT, Refunding, AG Insured, Series 2024 A, 4.50%, 12/31/2054 | 5,000,000 | 4,332,328 | ||||||
| JFK Millennium Partners LLC, Revenue, AMT, Refunding, AG Insured, Series 2024 A, 5.25%, 12/31/2054 | 49,505,000 | 48,470,836 | ||||||
| JFK Millennium Partners LLC, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 12/31/2060 | 44,330,000 | 42,831,686 | ||||||
| JFK Millennium Partners LLC, Revenue, AMT, Refunding, AG Insured, Series 2024 B, 0.00%, 12/31/2054 | 16,050,000 | 9,671,269 | ||||||
| JFK NTO LLC, Revenue, AMT, Series 2024, 5.50%, 06/30/2054 | 46,500,000 | 44,855,025 | ||||||
| JFK NTO LLC, Revenue, AMT, BAM Insured, Series 2024, 5.00%, 06/30/2060 | 25,105,000 | 23,348,054 | ||||||
| JFK NTO LLC, Revenue, AMT, Series 2024, 5.50%, 06/30/2060 | 9,150,000 | 8,868,970 | ||||||
| Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.25%, 01/01/2050 | 4,675,000 | 4,510,724 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| New York | ||||||||
| Niagara Area Development Corp., | ||||||||
| Reworld Holding Corp., Revenue, AMT, Refunding, Series 2018 A, 4.75%, 11/01/2042 (e) | 3,195,000 | 2,831,673 | ||||||
| Oneida Indian Nation of New York, | ||||||||
| Revenue, Series 2024 B, 6.00%, 09/01/2043 (e) | 5,500,000 | 5,748,076 | ||||||
| Onondaga Civic Development Corp., | ||||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 08/01/2044 | 1,500,000 | 1,211,079 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.38%, 08/01/2054 | 14,355,000 | 11,323,406 | ||||||
| State of New York Mortgage Agency Homeowner Mortgage, | ||||||||
| Revenue, Series 264, 4.38%, 10/01/2044 (a) | 1,800,000 | 1,692,878 | ||||||
| Revenue, Series 264, 4.55%, 10/01/2049 (a) | 2,500,000 | 2,315,629 | ||||||
| Revenue, Series 264, 4.60%, 10/01/2054 (a) | 3,000,000 | 2,789,583 | ||||||
| Suffolk Regional Off-Track Betting Corp., | ||||||||
| Revenue, Series 2024, 5.75%, 12/01/2044 | 18,000,000 | 18,327,568 | ||||||
| Revenue, Series 2024, 6.00%, 12/01/2053 | 21,200,000 | 21,564,133 | ||||||
| Triborough Bridge & Tunnel Authority, | ||||||||
| Revenue, Refunding, Series 2005 B-4C, 2.80%, 08/01/2025 (b)(c) | 5,000,000 | 5,000,000 | ||||||
| Westchester County Industrial Development Agency, | ||||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Series 2017 A, 7.00%, 06/01/2046 (e) | 4,000,000 | 4,163,162 | ||||||
| Westchester County Local Development Corp., | ||||||||
| Bethel Methodist Home (The), Revenue, Refunding, Series 2020 A, 5.00%, 07/01/2040 | 1,000,000 | 854,286 | ||||||
| Bethel Methodist Home (The), Revenue, Refunding, Series 2020 A, 5.13%, 07/01/2055 | 5,630,000 | 4,211,756 | ||||||
| Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 4.50%, 07/01/2056 (e) | 4,410,000 | 3,396,439 | ||||||
| Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 07/01/2056 (e) | 3,000,000 | 2,552,722 | ||||||
| Western Regional Off-Track Betting Corp., | ||||||||
| Revenue, Refunding, Series 2021, 4.13%, 12/01/2041 (e) | 1,000,000 | 847,508 | ||||||
| 433,983,210 | ||||||||
| North Carolina 0.4% | ||||||||
| Charlotte-Mecklenburg Hospital Authority (The), | ||||||||
| Atrium Health Obligated Group, Revenue, Refunding, Series 2007 C, 2.85%, 08/01/2025 (b)(c) | 7,260,000 | 7,260,000 | ||||||
| North Carolina Capital Facilities Finance Agency, | ||||||||
| Meredith College, Revenue, Refunding, Series 2018, 5.00%, 06/01/2038 | 3,095,000 | 2,862,381 | ||||||
| North Carolina Medical Care Commission, | ||||||||
| Carolina Meadows, Inc. Obligated Group, Revenue, Series 2024, 5.25%, 12/01/2049 | 2,700,000 | 2,582,132 | ||||||
| Carolina Meadows, Inc. Obligated Group, Revenue, Series 2024, 5.25%, 12/01/2054 | 1,000,000 | 942,022 | ||||||
| Lutheran Retirement Ministries of Alamance County Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2044 | 2,000,000 | 1,914,122 | ||||||
| Penick Village Obligated Group, Revenue, Series 2024 A, 5.50%, 09/01/2044 | 1,380,000 | 1,345,934 | ||||||
| Penick Village Obligated Group, Revenue, Series 2024 A, 5.50%, 09/01/2054 | 3,630,000 | 3,374,987 | ||||||
| Presbyterian Home at Charlotte, Inc. (The), Revenue, Refunding, Series 2019 A, 5.00%, 07/01/2049 | 600,000 | 529,815 | ||||||
| 20,811,393 | ||||||||
| North Dakota 0.4% | ||||||||
| City of Horace, | ||||||||
| GO, Special Assessment, Refunding, Series 2024 A, 5.38%, 05/01/2050 | 800,000 | 795,205 | ||||||
| GO, Special Assessment, Refunding, Series 2024 C, 4.75%, 05/01/2044 | 1,100,000 | 1,022,241 | ||||||
| GO, Special Assessment, Refunding, Series 2024 C, 5.00%, 05/01/2050 | 1,500,000 | 1,397,464 | ||||||
| City of Mayville, | ||||||||
| GO, Special Assessment, Refunding, Series 2024, 5.00%, 05/01/2044 | 2,825,000 | 2,528,743 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| North Dakota | ||||||||
| County of Ward, | ||||||||
| Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2043 | 2,800,000 | 2,592,515 | ||||||
| North Dakota Housing Finance Agency, | ||||||||
| Revenue, Series 2024 D, 4.65%, 07/01/2049 (a) | 15,000,000 | 14,192,856 | ||||||
| 22,529,024 | ||||||||
| Ohio 4.5% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, | ||||||||
| Revenue, Senior Lien, Refunding, Series 2020 B-2, Class 2, 5.00%, 06/01/2055 | 200,000 | 162,461 | ||||||
| Revenue, Senior Lien, Refunding, Series 2020 B-3, Class 2, 0.00%, 06/01/2057 (h) | 308,700,000 | 26,994,858 | ||||||
| City of Brecksville, | ||||||||
| Valor Acres TIF Area, Tax Allocation, Series 2022, 5.63%, 12/01/2053 (e) | 3,880,000 | 3,547,017 | ||||||
| City of Norwood, | ||||||||
| Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 5.00%, 12/01/2041 | 1,000,000 | 968,857 | ||||||
| Cleveland-Cuyahoga County Port Authority, | ||||||||
| Playhouse Square Foundation, Revenue, Refunding, Series 2018, 5.50%, 12/01/2043 | 1,290,000 | 1,283,735 | ||||||
| Playhouse Square Foundation, Revenue, Refunding, Series 2018, 5.50%, 12/01/2053 | 11,485,000 | 10,894,015 | ||||||
| Columbus-Franklin County Finance Authority, | ||||||||
| Revenue, Series 2019 A-1, 5.00%, 12/01/2051 | 5,000,000 | 4,652,689 | ||||||
| Central Ohio Regional Bond Fund, Revenue, Series 2024 A, 5.00%, 11/15/2054 | 980,000 | 933,286 | ||||||
| County of Allen, | ||||||||
| Bon Secours Mercy Health, Inc., Revenue, Series 2010 C, 2.75%, 08/01/2025 (b)(c) | 14,000,000 | 14,000,000 | ||||||
| County of Butler, | ||||||||
| UC Health Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/15/2045 | 1,000,000 | 938,267 | ||||||
| County of Cuyahoga, | ||||||||
| Eliza Jennings Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 05/15/2032 | 2,050,000 | 2,032,922 | ||||||
| MetroHealth System (The), Revenue, Refunding, Series 2017, 5.25%, 02/15/2047 | 1,085,000 | 1,023,649 | ||||||
| County of Fairfield, | ||||||||
| Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.13%, 06/15/2033 | 9,615,000 | 9,433,126 | ||||||
| Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.00%, 06/15/2043 | 4,345,000 | 3,583,725 | ||||||
| County of Hamilton, | ||||||||
| TriHealth Obligated Group, Revenue, Refunding, Series 2021 B, 2.80%, 08/01/2025 (b)(c) | 1,425,000 | 1,425,000 | ||||||
| UC Health Obligated Group, Revenue, Series 2020, 4.00%, 09/15/2050 | 3,175,000 | 2,443,007 | ||||||
| UC Health Obligated Group, Revenue, Series 2020, 5.00%, 09/15/2050 | 7,000,000 | 6,432,748 | ||||||
| County of Hardin, | ||||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 4.00%, 05/01/2026 | 145,000 | 143,693 | ||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.00%, 05/01/2030 | 1,000,000 | 991,437 | ||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.25%, 05/01/2040 | 2,425,000 | 2,175,667 | ||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.50%, 05/01/2050 | 4,000,000 | 3,394,331 | ||||||
| County of Lucas, | ||||||||
| Promedica Healthcare Obligated Group, Revenue, Series 2015 B, 4.00%, 11/15/2045 | 2,290,000 | 1,851,692 | ||||||
| Promedica Healthcare Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 11/15/2048 | 16,790,000 | 15,782,325 | ||||||
| County of Muskingum, | ||||||||
| Genesis Healthcare System Obligated Group, Revenue, Series 2013, 5.00%, 02/15/2048 | 4,000,000 | 3,577,709 | ||||||
| County of Washington, | ||||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.63%, 12/01/2042 | 100,000 | 102,837 | ||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052 | 11,700,000 | 12,030,502 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Ohio | ||||||||
| Dayton-Montgomery County Port Authority, | ||||||||
| Dayton Regional STEM Schools, Inc., Revenue, Series 2024, 5.00%, 12/01/2054 | 1,000,000 | 924,448 | ||||||
| Dayton Regional STEM Schools, Inc., Revenue, Series 2024, 5.00%, 12/01/2060 | 1,000,000 | 911,726 | ||||||
| Delaware County Finance Authority, | ||||||||
| Common Bond Fund, Revenue, Series 2024 B, 5.38%, 12/01/2038 | 3,675,000 | 3,554,453 | ||||||
| Jefferson County Port Authority, | ||||||||
| JSW Steel USA Ohio, Inc., Revenue, AMT, Series 2021, 3.50%, 12/01/2051 (e) | 3,000,000 | 2,152,375 | ||||||
| Ohio Higher Educational Facility Commission, | ||||||||
| Ashtabula County Medical Center Obligated Group, Revenue, Series 2022, 5.25%, 01/01/2052 | 250,000 | 241,337 | ||||||
| Ohio Housing Finance Agency, | ||||||||
| Revenue, GNMA Insured, Series 2024 C, 4.50%, 09/01/2044 (a) | 28,855,000 | 27,162,098 | ||||||
| Revenue, GNMA Insured, Series 2024 C, 4.70%, 09/01/2054 (a) | 15,995,000 | 14,933,039 | ||||||
| Revenue, Refunding, GNMA Insured, Series 2025 A, 4.65%, 09/01/2050 (a) | 26,900,000 | 24,877,811 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 4.70%, 09/01/2055 (a) | 23,205,000 | 21,840,407 | ||||||
| Bedford Heights AAL LP, Revenue, Series 2025, 6.38%, 01/01/2045 (e) | 3,370,000 | 3,304,248 | ||||||
| Havens Edge Apartments LLC, Revenue, Series 2025 A, 5.70%, 08/01/2043 (e) | 3,500,000 | 3,509,238 | ||||||
| Mansfield AAL LP, Revenue, Series 2024, 6.00%, 01/01/2045 (e) | 4,480,000 | 4,140,268 | ||||||
| Port of Greater Cincinnati Development Authority, | ||||||||
| RBM Phase 3 Garage Project, Tax Allocation, Series 2024, 5.13%, 12/01/2055 | 3,250,000 | 2,953,240 | ||||||
| Vivera Northbrook LLC, Revenue, Series 2025 A, 6.50%, 01/01/2045 (e) | 4,500,000 | 4,449,163 | ||||||
| Southeastern Ohio Port Authority, | ||||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 12/01/2035 | 1,750,000 | 1,594,018 | ||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 12/01/2043 | 6,695,000 | 5,445,387 | ||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.50%, 12/01/2043 | 6,525,000 | 5,646,158 | ||||||
| State of Ohio, | ||||||||
| University Hospitals Health System, Inc. Obligated Group, Revenue, Refunding, Series 2014 B, 2.56%, 08/11/2025 (b)(c) | 2,095,000 | 2,095,000 | ||||||
| University Hospitals Health System, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 2.56%, 08/11/2025 (b)(c) | 20,250,000 | 20,250,000 | ||||||
| University Hospitals Health System, Inc. Obligated Group, Revenue, Series 2015 C, 2.55%, 08/01/2025 (b)(c) | 8,765,000 | 8,765,000 | ||||||
| University Hospitals Health System, Inc. Obligated Group, Revenue, Refunding, Series 2021 C, 2.55%, 08/01/2025 (b)(c) | 3,415,000 | 3,415,000 | ||||||
| Summit County Development Finance Authority, | ||||||||
| UAkronPark, Inc., Revenue, Series 2023, 5.63%, 12/01/2048 | 800,000 | 810,397 | ||||||
| UAkronPark, Inc., Revenue, Series 2023, 5.75%, 12/01/2053 | 1,400,000 | 1,417,735 | ||||||
| UAkronPark, Inc., Revenue, Series 2023, 6.00%, 12/01/2058 | 3,000,000 | 3,085,654 | ||||||
| Toledo-Lucas County Port Authority, | ||||||||
| ParkUToledo, Inc., Revenue, Series 2021, 4.00%, 01/01/2046 | 1,000,000 | 787,882 | ||||||
| University of Akron (The), | ||||||||
| Revenue, Refunding, Series 2016 A, 5.00%, 01/01/2038 | 4,000,000 | 4,010,370 | ||||||
| Warren County Port Authority, | ||||||||
| Ohio Communities Accelerator Fund, Revenue, Series 2018 G-1, 5.13%, 12/01/2038 | 400,000 | 389,601 | ||||||
| Ohio Communities Accelerator Fund, Revenue, Series 2024 A, 6.70%, 12/01/2056 | 605,000 | 639,926 | ||||||
| 304,105,534 | ||||||||
| Oklahoma 0.5% | ||||||||
| Commerce Development Authority, | ||||||||
| City of Commerce, Revenue, Series 2025, 5.75%, 01/01/2045 | 370,000 | 346,627 | ||||||
| City of Commerce, Revenue, Series 2025, 6.00%, 01/01/2055 | 1,720,000 | 1,613,407 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Oklahoma | ||||||||
| Norman Regional Hospital Authority, | ||||||||
| Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 09/01/2037 | 920,000 | 677,655 | ||||||
| Obligated Group, Revenue, Series 2019, 3.25%, 09/01/2039 | 195,000 | 135,863 | ||||||
| Obligated Group, Revenue, Series 2019, 4.00%, 09/01/2045 | 800,000 | 560,066 | ||||||
| Oklahoma County Finance Authority, | ||||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (e) | 1,800,000 | 1,684,714 | ||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.25%, 06/15/2054 (e) | 3,200,000 | 2,970,563 | ||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.50%, 06/15/2064 (e) | 11,650,000 | 11,001,738 | ||||||
| Oklahoma Development Finance Authority, | ||||||||
| OU Medicine Obligated Group, Revenue, Series 2018 B, 5.25%, 08/15/2043 | 35,000 | 34,222 | ||||||
| OU Medicine Obligated Group, Revenue, Series 2018 B, 5.25%, 08/15/2048 | 1,000,000 | 933,095 | ||||||
| OU Medicine Obligated Group, Revenue, Series 2018 B, 5.50%, 08/15/2052 | 5,000,000 | 4,744,201 | ||||||
| OU Medicine Obligated Group, Revenue, Series 2018 B, 5.50%, 08/15/2057 | 3,100,000 | 2,916,093 | ||||||
| Oklahoma Housing Finance Agency, | ||||||||
| Revenue, GNMA Insured, Series 2025 B, 5.00%, 03/01/2049 | 1,410,000 | 1,384,759 | ||||||
| Tulsa Authority for Economic Opportunity, | ||||||||
| Increment District No. 8, Tax Allocation, Series 2021, 4.38%, 12/01/2041 (e) | 1,980,000 | 1,734,745 | ||||||
| Tulsa Municipal Airport Trust Trustees, | ||||||||
| American Airlines, Inc., Revenue, AMT, Refunding, Series 2025, 6.25%, 12/01/2040 | 10,000,000 | 10,822,050 | ||||||
| Wagoner County Development Authority, | ||||||||
| Revenue, Series 2025, 6.50%, 05/01/2035 | 2,265,000 | 2,274,397 | ||||||
| 43,834,195 | ||||||||
| Oregon 0.8% | ||||||||
| City of Redmond, | ||||||||
| GO, AMT, Series 2025 A, 5.50%, 06/01/2052 (a) | 10,500,000 | 10,788,954 | ||||||
| Oregon State Facilities Authority, | ||||||||
| Portland Village School, Revenue, Series 2024 A, 6.75%, 12/15/2054 (e) | 4,000,000 | 3,612,356 | ||||||
| Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.50%, 12/01/2054 | 2,250,000 | 2,061,432 | ||||||
| Willamette University, Revenue, Refunding, Series 2016 B, 3.00%, 10/01/2045 | 190,000 | 127,257 | ||||||
| Polk County Hospital Facility Authority, | ||||||||
| Dallas Mennonite Retirement Community Obligated Group, Revenue, Series 2020 A, 5.13%, 07/01/2055 | 1,000,000 | 849,295 | ||||||
| Port of Portland, | ||||||||
| Airport, Revenue, AMT, Series 28, 5.00%, 07/01/2052 (a) | 23,305,000 | 22,836,036 | ||||||
| State of Oregon, | ||||||||
| GO, Refunding, Series 2020 J, 2.80%, 08/01/2025 (b)(c) | 2,670,000 | 2,670,000 | ||||||
| State of Oregon Housing & Community Services Department, | ||||||||
| Revenue, GNMA Insured, Series 2025 A, 5.05%, 07/01/2050 | 6,370,000 | 6,367,570 | ||||||
| Yamhill County Hospital Authority, | ||||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2046 | 1,300,000 | 1,082,248 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2051 | 1,005,000 | 798,054 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2046 | 3,040,000 | 2,530,796 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2051 | 1,650,000 | 1,310,237 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2056 | 1,990,000 | 1,533,426 | ||||||
| 56,567,661 | ||||||||
| Pennsylvania 5.2% | ||||||||
| Allentown Commercial and Industrial Development Authority, | ||||||||
| Lincoln Leadership Academy Charter School, Revenue, Series 2023, 6.00%, 06/15/2053 | 1,900,000 | 1,910,011 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, | ||||||||
| Total Waterfront, Revenue, Series 2024 A, 5.25%, 05/01/2042 (e) | 5,725,000 | 5,483,238 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Pennsylvania | ||||||||
| Total Waterfront, Revenue, Series 2024 B, 6.00%, 05/01/2042 (e) | 12,440,000 | 12,090,596 | ||||||
| Beaver County Industrial Development Authority, | ||||||||
| Energy Harbor Generation LLC, Revenue, Refunding, Series B, 3.75%, 10/01/2047 | 4,855,000 | 3,782,900 | ||||||
| Berks County Industrial Development Authority, | ||||||||
| Revenue, Senior Lien, Refunding, Series 2024 C, 5.00%, 04/01/2029 (b)(e)(g) | 2,802,000 | 2,463,741 | ||||||
| Revenue, Refunding, Series 2024 D, 8.00%, 04/01/2029 (b)(e)(g) | 3,440,000 | 2,905,780 | ||||||
| Tower Health Obligated Group, Revenue, Refunding, Series 2017, 4.00%, 11/01/2047 | 200,000 | 124,939 | ||||||
| Berks County Municipal Authority (The), | ||||||||
| Tower Health Obligated Group, Revenue, Series 2024 A-3, 5.00%, 06/30/2039 | 56,447,000 | 51,119,617 | ||||||
| Tower Health Obligated Group, Revenue, Series 2024 B-1, 0.00%, 06/30/2044 | 41,795,000 | 30,054,433 | ||||||
| Bucks County Industrial Development Authority, | ||||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2027 | 275,000 | 282,485 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2028 | 525,000 | 546,157 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2029 | 550,000 | 578,302 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2032 | 1,000,000 | 1,053,104 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2033 | 1,150,000 | 1,202,098 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2034 | 1,355,000 | 1,407,473 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2035 | 1,100,000 | 1,135,138 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2036 | 1,250,000 | 1,282,079 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2037 | 2,650,000 | 2,701,843 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2038 | 1,725,000 | 1,746,650 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2039 | 2,940,000 | 2,959,751 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2040 | 3,000,000 | 3,000,527 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 4.00%, 07/01/2046 | 9,920,000 | 7,993,243 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 4.00%, 07/01/2051 | 5,480,000 | 4,173,064 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2054 | 9,120,000 | 8,215,916 | ||||||
| Grand View Hospital/Sellersville PA Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2041 | 1,225,000 | 1,208,934 | ||||||
| Butler County Hospital Authority, | ||||||||
| Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2035 | 4,430,000 | 4,275,157 | ||||||
| Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2039 | 3,710,000 | 3,322,084 | ||||||
| DuBois Hospital Authority, | ||||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2043 | 295,000 | 234,215 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2043 | 3,815,000 | 3,445,149 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2048 | 100,000 | 73,666 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2048 | 780,000 | 665,499 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 4.00%, 07/15/2045 | 335,000 | 256,805 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 4.00%, 07/15/2050 | 7,005,000 | 5,065,192 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2037 | 150,000 | 144,215 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 3.00%, 07/15/2046 | 155,000 | 100,176 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 07/15/2051 | 2,000,000 | 1,434,338 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Pennsylvania | ||||||||
| Glendale Valley Municipal Authority, | ||||||||
| Revenue, Refunding, Series 2018, 4.75%, 12/01/2039 | 400,000 | 334,766 | ||||||
| Huntingdon County General Authority, | ||||||||
| Juniata College, Revenue, Refunding, Series 2021 TT-3, 5.00%, 10/01/2051 | 2,000,000 | 1,750,189 | ||||||
| Lancaster Municipal Authority, | ||||||||
| Garden Spot Village Obligated Group, Revenue, Series 2024 B, 5.00%, 05/01/2059 | 2,660,000 | 2,439,902 | ||||||
| Luthercare Obligated Group, Revenue, Refunding, Series 2025 A, 5.00%, 12/01/2055 | 1,370,000 | 1,238,758 | ||||||
| Lehigh County Industrial Development Authority, | ||||||||
| Seven Generations Charter School, Revenue, Series 2021 A, 4.00%, 05/01/2041 | 1,775,000 | 1,451,736 | ||||||
| Monroe County Industrial Development Authority, | ||||||||
| Tobyhanna Township TIF District, Tax Allocation, Refunding, Series 2025, 5.00%, 07/01/2031 | 2,500,000 | 2,556,681 | ||||||
| Northeastern Pennsylvania Hospital and Education Authority, | ||||||||
| King's College, Revenue, Series 2019, 3.25%, 05/01/2035 | 150,000 | 129,135 | ||||||
| King's College, Revenue, Series 2019, 3.38%, 05/01/2037 | 340,000 | 284,255 | ||||||
| King's College, Revenue, Series 2019, 5.00%, 05/01/2044 | 820,000 | 740,439 | ||||||
| King's College, Revenue, Series 2019, 5.00%, 05/01/2049 | 2,265,000 | 1,966,536 | ||||||
| Pennsylvania Economic Development Financing Authority, | ||||||||
| Commonwealth of Pennsylvania Motor License Fund, Revenue, AMT, Series 2022, 5.25%, 06/30/2053 | 2,000,000 | 1,882,744 | ||||||
| Reworld Holding Corp., Revenue, AMT, Series 2019 A, 3.25%, 08/01/2039 (e) | 3,000,000 | 2,352,391 | ||||||
| Pennsylvania Higher Education Assistance Agency, | ||||||||
| Revenue, AMT, Series 2020 B, 3.00%, 06/01/2047 | 835,000 | 546,144 | ||||||
| Pennsylvania Higher Educational Facilities Authority, | ||||||||
| Foundation for Indiana University of Pennsylvania Phase II Student Housing, Revenue, AG Insured, Series 2007 A, (3-month SOFR + 0.65%), 3.70%, 07/01/2039 (j) | 500,000 | 460,654 | ||||||
| Widener University, Revenue, Refunding, Series 2014, 5.00%, 07/15/2038 | 1,810,000 | 1,728,881 | ||||||
| Pennsylvania Housing Finance Agency, | ||||||||
| Revenue, Series 2023 143A, 5.38%, 10/01/2046 (a) | 15,440,000 | 15,663,169 | ||||||
| Revenue, Series 2023-143 A, 5.45%, 04/01/2051 (a) | 19,280,000 | 19,541,346 | ||||||
| Revenue, Series 2024-145A, 4.75%, 10/01/2049 | 2,745,000 | 2,622,003 | ||||||
| Revenue, Series 2025 148 A, 4.75%, 10/01/2050 (a) | 30,020,000 | 28,556,654 | ||||||
| Revenue, Series 2025 148 A, 4.80%, 10/01/2055 (a) | 36,000,000 | 33,903,385 | ||||||
| Revenue, Series 2025-149A, 5.15%, 10/01/2050 | 25,325,000 | 25,364,312 | ||||||
| Philadelphia Authority for Industrial Development, | ||||||||
| Children's Hospital of Philadelphia Obligated Group, Revenue, Series 2024B-1, 2.75%, 08/01/2025 (b)(c) | 6,720,000 | 6,720,000 | ||||||
| Children's Hospital of Philadelphia Obligated Group, Revenue, Series 2024B-2, 2.75%, 08/01/2025 (b)(c) | 1,165,000 | 1,165,000 | ||||||
| Philadelphia Performing Arts Charter School, Revenue, Refunding, Series 2020, 5.00%, 06/15/2050 (e) | 3,700,000 | 3,250,524 | ||||||
| Quakertown General Authority, | ||||||||
| Special Assessment, Series 2025, 6.50%, 03/01/2055 (e) | 6,000,000 | 5,868,263 | ||||||
| Scranton-Lackawanna Health and Welfare Authority, | ||||||||
| Marywood University, Revenue, Refunding, Series 2016, 5.00%, 06/01/2036 | 400,000 | 362,621 | ||||||
| St. Mary Hospital Authority, | ||||||||
| Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, (3-month SOFR + 0.83%), 3.90%, 11/15/2034 (j) | 1,965,000 | 1,928,333 | ||||||
| Westmoreland County Industrial Development Authority, | ||||||||
| Redstone Presbyterian Seniorcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 05/15/2041 | 7,980,000 | 6,294,572 | ||||||
| Redstone Presbyterian Seniorcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 05/15/2047 | 6,230,000 | 4,422,461 | ||||||
| Wilkins Area Industrial Development Authority, | ||||||||
| Jewish Association on Aging, Revenue, Series 2025 A, 7.00%, 04/01/2060 (e) | 13,000,000 | 12,501,771 | ||||||
| 356,466,140 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Puerto Rico 0.4% | ||||||||
| Children's Trust Fund, | ||||||||
| Revenue, Series 2002, 5.63%, 05/15/2043 | 295,000 | 299,975 | ||||||
| Revenue, Series 2008 B, 0.00%, 05/15/2057 (h) | 72,305,000 | 1,952,915 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, | ||||||||
| San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-1, 6.75%, 01/01/2045 | 8,000,000 | 8,819,787 | ||||||
| San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-2, 6.75%, 01/01/2045 | 6,750,000 | 7,441,696 | ||||||
| San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-3, 6.25%, 01/01/2040 | 2,000,000 | 2,196,434 | ||||||
| San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-3, 6.50%, 01/01/2041 | 5,510,000 | 6,077,616 | ||||||
| San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-3, 6.50%, 01/01/2042 | 1,765,000 | 1,939,403 | ||||||
| San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-3, 6.75%, 01/01/2046 | 250,000 | 274,159 | ||||||
| 29,001,985 | ||||||||
| Rhode Island 1.1% | ||||||||
| Rhode Island Housing & Mortgage Finance Corp., | ||||||||
| Revenue, FHA Insured, Series 2024 1-C, 4.75%, 10/01/2059 | 900,000 | 841,872 | ||||||
| Revenue, FHA Insured, Series 2024 1-C, 4.80%, 04/01/2066 | 1,935,000 | 1,825,189 | ||||||
| Revenue, GNMA Insured, Series 83-A, 4.90%, 10/01/2054 (a) | 16,760,000 | 16,124,243 | ||||||
| Revenue, Refunding, GNMA Insured, Series 85-A, 4.65%, 10/01/2050 (a) | 9,250,000 | 8,565,641 | ||||||
| Revenue, GNMA Insured, Series 86-A, 5.20%, 10/01/2050 (f) | 5,000,000 | 5,007,758 | ||||||
| Revenue, GNMA Insured, Series 86-A, 5.25%, 10/01/2055 (f) | 10,000,000 | 10,062,852 | ||||||
| Tobacco Settlement Financing Corp., | ||||||||
| Revenue, Series 2007 A, 0.00%, 06/01/2052 (h) | 160,000,000 | 26,445,760 | ||||||
| 68,873,315 | ||||||||
| Tennessee 0.4% | ||||||||
| Metropolitan Government Nashville & Davidson County Industrial Development Board, | ||||||||
| South Nashville Central Business Improvement District, Special Assessment, Senior Lien, Series 2021 B, 0.00%, 06/01/2043 (e)(h) | 1,725,000 | 664,999 | ||||||
| Shelby County Health & Educational Facilities Board, | ||||||||
| Madrone Memphis Student Housing I LLC, Revenue, Series 2024 A-1, 5.25%, 06/01/2056 (e) | 2,000,000 | 1,802,240 | ||||||
| Shelby County Health Educational & Housing Facilities Board, | ||||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.38%, 09/01/2041 | 3,230,000 | 2,772,947 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.50%, 09/01/2047 | 7,340,000 | 6,154,117 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 4.00%, 09/01/2031 (e) | 65,000 | 57,418 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 4.25%, 09/01/2037 (e) | 870,000 | 697,167 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 09/01/2037 (e) | 100,000 | 86,511 | ||||||
| Tennessee Housing Development Agency, | ||||||||
| Revenue, Refunding, GNMA Insured, Series 2025-1A, 4.90%, 07/01/2045 (a) | 3,000,000 | 2,943,237 | ||||||
| Revenue, Refunding, GNMA Insured, Series 2025-1A, 5.00%, 07/01/2050 (a) | 3,750,000 | 3,722,238 | ||||||
| Revenue, Refunding, GNMA Insured, Series 2025-1A, 5.05%, 07/01/2055 (a) | 2,250,000 | 2,245,313 | ||||||
| Williamson County Industrial Development Board, | ||||||||
| Franklin Classical School, Revenue, Series 2025, 7.25%, 07/01/2055 (e) | 12,800,000 | 12,778,732 | ||||||
| 33,924,919 | ||||||||
| Texas 6.9% | ||||||||
| Anson Education Facilities Corp., | ||||||||
| Arlington Classics Academy, Revenue, Series 2016 A, 5.00%, 08/15/2045 | 2,000,000 | 1,859,241 | ||||||
| Arlington Higher Education Finance Corp., | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Texas | ||||||||
| Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 5.00%, 06/15/2041 | 3,000,000 | 2,624,884 | ||||||
| Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 5.00%, 06/15/2051 | 10,430,000 | 8,488,353 | ||||||
| Cypress Christian School, Inc., Revenue, Series 2024, 5.75%, 06/01/2043 (e) | 1,500,000 | 1,475,645 | ||||||
| Cypress Christian School, Inc., Revenue, Series 2024, 6.25%, 06/01/2063 (e) | 1,200,000 | 1,168,699 | ||||||
| El Paso Education Initiative, Inc. (The), Revenue, Refunding, PSF Guaranty, Series 2020 A, 3.00%, 08/15/2050 | 4,405,000 | 2,881,475 | ||||||
| Bexar County Health Facilities Development Corp., | ||||||||
| Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 07/15/2031 | 10,000 | 9,602 | ||||||
| Central Texas Regional Mobility Authority, | ||||||||
| Revenue, Sub. Lien, Refunding, Series 2020 G, 4.00%, 01/01/2050 | 1,270,000 | 1,056,987 | ||||||
| City of Alvarado, | ||||||||
| Lone Oak Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.75%, 09/01/2045 (e) | 725,000 | 720,382 | ||||||
| Lone Oak Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/01/2054 (e) | 850,000 | 843,616 | ||||||
| City of Anna, | ||||||||
| Meadow Vista Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.50%, 09/15/2044 (e) | 850,000 | 812,482 | ||||||
| Meadow Vista Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.75%, 09/15/2054 (e) | 1,300,000 | 1,207,448 | ||||||
| Sherley Tract Public Improvement District No. 2 Improvement Area No. 1, Special Assessment, Series 2021, 4.00%, 09/15/2041 (e) | 1,867,000 | 1,554,449 | ||||||
| Sherley Tract Public Improvement District No. 2 Improvement Area No. 1, Special Assessment, Series 2021, 4.25%, 09/15/2051 (e) | 1,407,000 | 1,098,125 | ||||||
| City of Aubrey, | ||||||||
| Duck Point Public Improvement District, Special Assessment, Series 2025, 5.38%, 12/31/2045 (e) | 1,250,000 | 1,159,687 | ||||||
| Duck Point Public Improvement District, Special Assessment, Series 2025, 5.63%, 12/31/2055 (e) | 2,260,000 | 2,078,634 | ||||||
| City of Austin, | ||||||||
| Whisper Valley Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 5.00%, 11/01/2044 (e) | 560,000 | 518,533 | ||||||
| Whisper Valley Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 5.25%, 11/01/2053 (e) | 1,460,000 | 1,340,417 | ||||||
| City of Bastrop, | ||||||||
| Valverde Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/01/2045 (e) | 600,000 | 575,879 | ||||||
| Valverde Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.63%, 09/01/2055 (e) | 1,000,000 | 956,686 | ||||||
| City of Blue Ridge, | ||||||||
| Blue Ridge Crossing Public Improvement District, Special Assessment, Series 2025, 5.63%, 09/15/2045 (e) | 500,000 | 494,563 | ||||||
| Blue Ridge Crossing Public Improvement District, Special Assessment, Series 2025, 5.88%, 09/15/2055 (e) | 680,000 | 673,300 | ||||||
| City of Boyd, | ||||||||
| Special Assessment, Series 2025, 5.63%, 09/15/2045 (e) | 760,000 | 757,134 | ||||||
| Special Assessment, Series 2025, 5.88%, 09/15/2055 (e) | 1,000,000 | 1,001,192 | ||||||
| City of Buda, | ||||||||
| Persimmon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.88%, 09/01/2045 (e) | 1,500,000 | 1,422,334 | ||||||
| Persimmon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/01/2055 (e) | 3,000,000 | 2,789,644 | ||||||
| Persimmon Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 6.75%, 09/01/2055 (e) | 3,000,000 | 2,804,989 | ||||||
| City of Caddo Mills, | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Texas | ||||||||
| Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 6.20%, 09/15/2045 (e) | 2,245,000 | 2,222,923 | ||||||
| Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 6.35%, 09/15/2055 (e) | 4,140,000 | 4,098,419 | ||||||
| City of Celina, | ||||||||
| Special Assessment, Series 2024, 5.50%, 09/01/2044 (e) | 475,000 | 464,304 | ||||||
| Special Assessment, Series 2024, 5.75%, 09/01/2054 (e) | 1,350,000 | 1,328,424 | ||||||
| Celina Hills Public Improvement District, Special Assessment, Series 2022, 4.88%, 09/01/2042 (e) | 1,084,000 | 998,923 | ||||||
| Lakes at Mustang Ranch Public Improvement District Phases 8-9, Special Assessment, Series 2025, 5.50%, 09/01/2045 (e) | 445,000 | 427,037 | ||||||
| Lakes at Mustang Ranch Public Improvement District Phases 8-9, Special Assessment, Series 2025, 5.63%, 09/01/2055 (e) | 750,000 | 706,522 | ||||||
| Mosaic Public Improvement District Area No. 2, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e) | 1,750,000 | 1,627,133 | ||||||
| Mosaic Public Improvement District Area No. 2, Special Assessment, Series 2024, 5.50%, 09/01/2054 (e) | 4,000,000 | 3,829,540 | ||||||
| Mosaic Public Improvement District Phase No. 1B, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e) | 360,000 | 334,724 | ||||||
| Mosaic Public Improvement District Phase No. 1B, Special Assessment, Series 2024, 5.38%, 09/01/2053 (e) | 500,000 | 472,465 | ||||||
| North Sky Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/01/2044 | 600,000 | 544,070 | ||||||
| North Sky Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.25%, 09/01/2052 | 535,000 | 477,575 | ||||||
| Sutton Fields East Public Improvement District Phase No. 1, Special Assessment, Series 2022, 4.00%, 09/01/2043 (e) | 2,059,000 | 1,662,587 | ||||||
| Sutton Fields East Public Improvement District Phase No. 2, Special Assessment, Series 2025, 5.38%, 09/01/2045 (e) | 500,000 | 472,486 | ||||||
| Sutton Fields East Public Improvement District Phase No. 2, Special Assessment, Series 2025, 5.63%, 09/01/2055 (e) | 875,000 | 818,547 | ||||||
| Sutton Fields II Public Improvement District Neighborhood Improvement Area No. 5, Special Assessment, Series 2022, 4.00%, 09/01/2051 (e) | 1,000,000 | 743,362 | ||||||
| City of Corpus Christi, | ||||||||
| Whitecap Public Improvement District No. 1 Improvement Area No. 1, Special Assessment, Series 2024, 6.13%, 09/15/2044 | 1,150,000 | 1,090,201 | ||||||
| Whitecap Public Improvement District No. 1 Improvement Area No. 1, Special Assessment, Series 2024, 6.50%, 09/15/2054 | 2,000,000 | 1,896,288 | ||||||
| City of Crandall, | ||||||||
| River Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.25%, 09/15/2045 (e) | 700,000 | 656,473 | ||||||
| River Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.50%, 09/15/2055 (e) | 1,400,000 | 1,309,318 | ||||||
| City of Dayton, | ||||||||
| Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Senior Lien, Series 2024 A, 5.38%, 09/01/2044 (e) | 610,000 | 597,884 | ||||||
| Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Senior Lien, Series 2024 A, 5.75%, 09/01/2054 (e) | 900,000 | 843,991 | ||||||
| Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Junior Lien, Series 2024 B, 6.25%, 09/01/2054 (e) | 1,250,000 | 1,164,047 | ||||||
| City of Decatur, | ||||||||
| Paloma Trails Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.50%, 09/15/2045 (e) | 700,000 | 658,899 | ||||||
| Paloma Trails Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.75%, 09/15/2055 (e) | 1,400,000 | 1,309,894 | ||||||
| Paloma Trails Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 5.38%, 09/15/2035 (e) | 170,000 | 166,388 | ||||||
| Paloma Trails Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 6.38%, 09/15/2055 (e) | 865,000 | 810,205 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Texas | ||||||||
| City of Dorchester, | ||||||||
| Cottonwood Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 7.00%, 09/15/2044 (e) | 1,331,000 | 1,259,049 | ||||||
| Cottonwood Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 7.25%, 09/15/2054 (e) | 1,459,000 | 1,364,608 | ||||||
| Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 6.00%, 09/15/2044 (e) | 1,050,000 | 968,447 | ||||||
| Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 6.25%, 09/15/2054 (e) | 1,500,000 | 1,361,626 | ||||||
| City of Dripping Springs, | ||||||||
| Heritage Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e) | 645,000 | 589,039 | ||||||
| Heritage Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.25%, 09/01/2054 (e) | 840,000 | 759,652 | ||||||
| City of Fate, | ||||||||
| Monterra Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.38%, 08/15/2044 (e) | 900,000 | 847,144 | ||||||
| Monterra Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.75%, 08/15/2054 (e) | 1,850,000 | 1,761,306 | ||||||
| City of Friendswood, | ||||||||
| Public Improvement District, Special Assessment, Series 2024, 7.00%, 09/15/2054 | 7,250,000 | 6,941,730 | ||||||
| City of Houston, | ||||||||
| Airport System, Revenue, AMT, Refunding, Series 2025A, 5.50%, 07/01/2055 (f) | 15,000,000 | 15,409,452 | ||||||
| City of Huntsville, | ||||||||
| Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 5.38%, 09/15/2044 (e) | 775,000 | 746,976 | ||||||
| Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 5.63%, 09/15/2054 (e) | 740,000 | 694,700 | ||||||
| City of Hutto, | ||||||||
| Cottonwood Creek Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.13%, 09/01/2045 (e) | 705,000 | 650,445 | ||||||
| Cottonwood Creek Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.38%, 09/01/2055 (e) | 825,000 | 761,581 | ||||||
| Prairie Winds Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.13%, 09/01/2045 (e) | 385,000 | 356,237 | ||||||
| Prairie Winds Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/01/2060 (e) | 1,165,000 | 1,069,118 | ||||||
| City of Justin, | ||||||||
| Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2044 (e) | 580,000 | 559,101 | ||||||
| Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, Series 2024, 5.75%, 09/01/2053 (e) | 1,000,000 | 955,354 | ||||||
| City of Kyle, | ||||||||
| 6 Creeks Public Improvement District Improvement Area No. 3, Special Assessment, Series 2021, 3.75%, 09/01/2041 (e) | 2,000,000 | 1,660,919 | ||||||
| 6 Creeks Public Improvement District Improvement Area No. 3B, Special Assessment, Series 2025, 5.13%, 09/01/2046 (e) | 895,000 | 824,820 | ||||||
| 6 Creeks Public Improvement District Improvement Area No. 5, Special Assessment, Series 2025, 5.38%, 09/01/2050 (e) | 650,000 | 597,491 | ||||||
| Limestone Creek Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.75%, 09/01/2053 (e) | 1,125,000 | 1,077,689 | ||||||
| Plum Creek North Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e) | 520,000 | 491,570 | ||||||
| Plum Creek North Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.38%, 09/01/2054 (e) | 805,000 | 770,788 | ||||||
| City of Lago Vista, | ||||||||
| Tessera on Lake Travis Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 6.00%, 09/01/2054 (e) | 1,000,000 | 956,983 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Texas | ||||||||
| City of Lavon, | ||||||||
| Special Assessment, Series 2025, 5.75%, 09/15/2045 (e)(f) | 1,100,000 | 1,101,624 | ||||||
| Special Assessment, Series 2025, 6.00%, 09/15/2054 (e)(f) | 1,400,000 | 1,403,887 | ||||||
| Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2022, 4.13%, 09/15/2052 (e) | 2,005,000 | 1,539,273 | ||||||
| Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/15/2044 (e) | 500,000 | 475,900 | ||||||
| Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.38%, 09/15/2052 (e) | 500,000 | 469,687 | ||||||
| Elevon Public Improvement District Improvement Area No. 2A-2B, Special Assessment, Series 2024, 5.13%, 09/15/2044 (e) | 600,000 | 579,949 | ||||||
| Elevon Public Improvement District Improvement Area No. 2A-2B, Special Assessment, Series 2024, 5.50%, 09/15/2054 (e) | 800,000 | 760,446 | ||||||
| City of Lowry Crossing, | ||||||||
| Simpson Road Public Improvement District, Special Assessment, Series 2025, 5.75%, 09/15/2045 (e) | 1,000,000 | 994,499 | ||||||
| Simpson Road Public Improvement District, Special Assessment, Series 2025, 6.00%, 09/15/2055 (e) | 1,625,000 | 1,616,988 | ||||||
| City of Manor, | ||||||||
| EntradenGlen Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/15/2036 (e) | 400,000 | 401,673 | ||||||
| EntradenGlen Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 7.00%, 09/15/2055 (e) | 1,910,000 | 1,901,440 | ||||||
| Manor Heights Public Improvement District Area No. 4, Special Assessment, Series 2024, 5.38%, 09/15/2044 (e) | 515,000 | 500,468 | ||||||
| Manor Heights Public Improvement District Area No. 4, Special Assessment, Series 2024, 5.63%, 09/15/2054 (e) | 685,000 | 657,493 | ||||||
| City of Mesquite, | ||||||||
| Solterra Public Improvement District Improvement Area A-1, Special Assessment, Series 2023, 5.75%, 09/01/2053 (e) | 250,000 | 247,132 | ||||||
| Solterra Public Improvement District Improvement Area No. C-3, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e) | 500,000 | 463,168 | ||||||
| Solterra Public Improvement District Improvement Area No. C-3, Special Assessment, Series 2024, 5.25%, 09/01/2053 (e) | 560,000 | 514,404 | ||||||
| City of Oak Point, | ||||||||
| Chaparral Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.10%, 09/15/2044 (e) | 725,000 | 663,094 | ||||||
| Chaparral Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.25%, 09/15/2054 (e) | 1,000,000 | 904,222 | ||||||
| Oak Point 720 Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.35%, 09/15/2044 (e) | 570,000 | 535,107 | ||||||
| Oak Point 720 Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.63%, 09/15/2054 (e) | 1,000,000 | 934,913 | ||||||
| City of Penitas, | ||||||||
| GO, Series 2025, 5.75%, 09/01/2045 | 1,160,000 | 1,126,736 | ||||||
| GO, Series 2025, 6.00%, 09/01/2055 | 3,290,000 | 3,186,030 | ||||||
| City of Pflugerville, | ||||||||
| Meadowlark Preserve Public Improvement District, Special Assessment, Series 2025, 5.13%, 09/01/2045 (e) | 875,000 | 803,184 | ||||||
| Meadowlark Preserve Public Improvement District, Special Assessment, Series 2025, 5.38%, 09/01/2055 (e) | 1,450,000 | 1,336,635 | ||||||
| City of Pilot Point, | ||||||||
| Bryson Ranch Public Improvement District Zone A Improvement Area No. 1, Special Assessment, Series 2025, 6.13%, 09/15/2045 (e) | 750,000 | 754,937 | ||||||
| Bryson Ranch Public Improvement District Zone A Improvement Area No. 1, Special Assessment, Series 2025, 6.38%, 09/15/2055 (e) | 3,500,000 | 3,516,665 | ||||||
| Bryson Ranch Public Impt Dist Zone A Impt Area No. 1, Special Assessment, Series 2025, 6.13%, 09/15/2045 (e) | 1,030,000 | 1,036,781 | ||||||
| City of Plano, | ||||||||
| Collin Creek West Public Improvement District, Special Assessment, Series 2021, 4.00%, 09/15/2051 (e) | 500,000 | 378,586 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Texas | ||||||||
| City of Port Isabel, | ||||||||
| GO, Series 2024, 5.25%, 02/15/2044 | 3,255,000 | 3,128,994 | ||||||
| GO, Series 2024, 5.50%, 02/15/2054 | 2,020,000 | 1,905,842 | ||||||
| GO, Series 2025, 5.75%, 02/15/2045 | 1,550,000 | 1,513,196 | ||||||
| GO, Series 2025, 6.00%, 02/15/2055 | 1,500,000 | 1,441,230 | ||||||
| City of Princeton, | ||||||||
| Eastridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2023, 5.25%, 09/01/2043 (e) | 1,000,000 | 961,304 | ||||||
| Eastridge Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e) | 700,000 | 647,664 | ||||||
| Eastridge Public Improvement District Improvement Area No. 4, Special Assessment, Series 2025, 5.38%, 09/01/2045 (e) | 500,000 | 481,633 | ||||||
| Eastridge Public Improvement District Improvement Area No. 4, Special Assessment, Series 2025, 5.63%, 09/01/2055 (e) | 1,000,000 | 967,567 | ||||||
| Southbridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.50%, 09/01/2054 (e) | 1,220,000 | 1,126,311 | ||||||
| Southridge Public Improvement District Area No. 3, Special Assessment, Series 2025, 5.75%, 09/01/2045 (e) | 850,000 | 839,626 | ||||||
| Southridge Public Improvement District Area No. 3, Special Assessment, Series 2025, 6.00%, 09/01/2055 (e) | 1,000,000 | 989,616 | ||||||
| Westridge Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.38%, 09/01/2045 (e) | 540,000 | 514,574 | ||||||
| Westridge Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.63%, 09/01/2055 (e) | 1,000,000 | 947,319 | ||||||
| Winchester Crossing Public Improvement District No. 3, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e) | 875,000 | 801,230 | ||||||
| Winchester Crossing Public Improvement District No. 3, Special Assessment, Series 2024, 5.38%, 09/01/2054 (e) | 1,200,000 | 1,137,574 | ||||||
| Windmore Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e) | 410,000 | 377,643 | ||||||
| Windmore Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2054 (e) | 565,000 | 525,242 | ||||||
| Windmore Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.75%, 09/01/2045 (e) | 810,000 | 800,114 | ||||||
| Windmore Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 6.00%, 09/01/2055 (e) | 845,000 | 836,226 | ||||||
| City of Royse City, | ||||||||
| Clearview Ranch Public Impt Dist North Zone Improvement Area 1, Special Assessment, Series 2025, 5.75%, 09/15/2045 (e)(f) | 605,000 | 595,329 | ||||||
| Clearview Ranch Public Impt Dist North Zone Improvement Area 1, Special Assessment, Series 2025, 6.00%, 09/15/2055 (e)(f) | 775,000 | 763,778 | ||||||
| Liberty Crossing Public Improvement District improvement Area No. 2, Special Assessment, Series 2024, 5.63%, 09/15/2054 (e) | 746,000 | 691,726 | ||||||
| City of Seagoville, | ||||||||
| Special Assessment, Series 2025, 5.75%, 09/15/2045 (e) | 650,000 | 643,381 | ||||||
| Special Assessment, Series 2025, 6.00%, 09/15/2054 (e) | 875,000 | 870,724 | ||||||
| Santorini Public Improvement District Improvement Area, Special Assessment, Series 2024, 7.00%, 09/15/2054 (e) | 5,000,000 | 4,758,721 | ||||||
| Santorini Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 6.00%, 09/15/2044 (e) | 2,100,000 | 1,993,065 | ||||||
| Santorini Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 6.25%, 09/15/2054 (e) | 2,500,000 | 2,342,802 | ||||||
| City of Tomball, | ||||||||
| Winfrey Estates Public Improvement District, Special Assessment, Series 2025, 5.75%, 09/15/2045 (e) | 500,000 | 504,285 | ||||||
| Winfrey Estates Public Improvement District, Special Assessment, Series 2025, 6.00%, 09/15/2053 (e) | 770,000 | 776,648 | ||||||
| City of Uhland, | ||||||||
| Anderson Park Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e) | 605,000 | 561,860 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Texas | ||||||||
| Anderson Park Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2055 (e) | 950,000 | 877,328 | ||||||
| City of Venus, | ||||||||
| Patriot Estates Public Improvement District, Special Assessment, Series 2021, 4.00%, 09/15/2051 (e) | 163,000 | 127,998 | ||||||
| City of Wharton, | ||||||||
| Special Assessment, Series 2025, 5.75%, 09/15/2045 (e) | 865,000 | 856,191 | ||||||
| Special Assessment, Series 2025, 6.00%, 09/15/2055 (e) | 1,250,000 | 1,236,989 | ||||||
| Clifton Higher Education Finance Corp., | ||||||||
| Valor Texas Education Foundation, Revenue, Series 2024 A, 5.75%, 06/15/2044 (e) | 870,000 | 798,900 | ||||||
| Valor Texas Education Foundation, Revenue, Series 2024 A, 6.00%, 06/15/2054 (e) | 2,240,000 | 2,019,506 | ||||||
| Club Municipal Management District No. 1, | ||||||||
| Improvement Area No. 3, Special Assessment, Series 2024, Class A, 5.10%, 09/01/2044 (e) | 1,050,000 | 991,867 | ||||||
| Improvement Area No. 3, Special Assessment, Series 2024, 5.38%, 09/01/2055 (e) | 1,500,000 | 1,414,741 | ||||||
| County of Bastrop, | ||||||||
| Double Eagle Ranch Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.25%, 09/01/2044 (e) | 605,000 | 573,915 | ||||||
| Double Eagle Ranch Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.50%, 09/01/2054 (e) | 770,000 | 723,845 | ||||||
| County of Denton, | ||||||||
| Green Meadows Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 12/31/2045 (e) | 2,180,000 | 2,182,011 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Senior Lien, Series 2024 A, 5.25%, 12/31/2044 (e) | 2,000,000 | 1,882,880 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Senior Lien, Series 2024 A, 5.63%, 12/31/2054 (e) | 3,200,000 | 3,014,569 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.75%, 12/31/2044 | 1,250,000 | 1,179,621 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 6.13%, 12/31/2054 | 3,500,000 | 3,307,405 | ||||||
| Tabor Ranch Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 6.00%, 12/31/2044 (e) | 2,125,000 | 2,030,159 | ||||||
| Tabor Ranch Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 6.25%, 12/31/2054 (e) | 3,350,000 | 3,117,287 | ||||||
| County of Medina, | ||||||||
| Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e) | 2,519,000 | 2,298,535 | ||||||
| Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.35%, 09/01/2054 (e) | 1,800,000 | 1,616,072 | ||||||
| Woodlands Public Improvement District Neighborhood Improvement Area No. 1, Special Assessment, Series 2021, 4.75%, 09/01/2050 (e) | 2,250,000 | 1,865,751 | ||||||
| County of Montgomery, | ||||||||
| Crockett Meadows Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.25%, 09/15/2045 | 1,125,000 | 1,075,659 | ||||||
| Crockett Meadows Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.50%, 09/15/2054 | 1,875,000 | 1,742,845 | ||||||
| Meadow Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.13%, 09/15/2045 | 675,000 | 640,759 | ||||||
| Meadow Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/15/2054 | 815,000 | 770,317 | ||||||
| Edinburg Economic Development Corp., | ||||||||
| Sales Tax, Revenue, Series 2021 A, 3.38%, 08/15/2046 | 355,000 | 224,373 | ||||||
| Greater Texas Cultural Education Facilities Finance Corp., | ||||||||
| CFC - WLH LLC, Revenue, Series 2024 A, 6.38%, 09/01/2034 (e) | 1,470,000 | 1,438,925 | ||||||
| CFC - WLH LLC, Revenue, Series 2024 A, 6.50%, 09/01/2049 (e) | 7,495,000 | 6,950,724 | ||||||
| CFC - WLH LLC, Revenue, Series 2024 B, 11.00%, 09/01/2029 (e) | 785,000 | 784,230 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Texas | ||||||||
| Harris County Cultural Education Facilities Finance Corp., | ||||||||
| Brazos Presbyterian Homes Obligated Group, Revenue, Series 2013 A, 5.13%, 01/01/2048 | 1,755,000 | 1,600,990 | ||||||
| Hidalgo County Regional Mobility Authority, | ||||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2043 (h) | 2,000,000 | 737,881 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2044 (h) | 3,000,000 | 1,045,417 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2045 (h) | 4,000,000 | 1,320,113 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2046 (h) | 6,000,000 | 1,880,108 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2047 (h) | 6,125,000 | 1,800,471 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2048 (h) | 7,130,000 | 1,970,848 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2049 (h) | 7,135,000 | 1,842,818 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2050 (h) | 5,145,000 | 1,250,171 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2052 (h) | 2,175,000 | 469,477 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2054 (h) | 5,000,000 | 963,753 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2055 (h) | 6,100,000 | 1,104,633 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2056 (h) | 1,000,000 | 170,647 | ||||||
| Revenue, Junior Lien, Refunding, Series B, 0.00%, 12/01/2045 (h) | 5,805,000 | 1,841,514 | ||||||
| Revenue, Junior Lien, Refunding, Series B, 0.00%, 12/01/2046 (h) | 2,945,000 | 877,991 | ||||||
| Houston Higher Education Finance Corp., | ||||||||
| Houston Baptist University, Revenue, Series 2021, 4.00%, 10/01/2051 | 2,100,000 | 1,627,757 | ||||||
| Houston Baptist University, Revenue, Series 2025, 5.13%, 10/01/2051 | 1,700,000 | 1,555,598 | ||||||
| Houston Baptist University, Revenue, Series 2025, 5.25%, 10/01/2054 | 4,855,000 | 4,485,862 | ||||||
| Hunt Memorial Hospital District Charitable Health, | ||||||||
| GO, Refunding, Series 2020, 4.00%, 02/15/2038 | 1,195,000 | 1,050,572 | ||||||
| GO, Refunding, Series 2020, 3.00%, 02/15/2039 | 25,000 | 19,580 | ||||||
| GO, Refunding, Series 2020, 3.00%, 02/15/2040 | 10,000 | 7,619 | ||||||
| Lubbock Educational Facilities Authority, Inc., | ||||||||
| Lubbock Christian University, Revenue, Refunding, Series 2016, 2.75%, 11/01/2031 | 2,585,000 | 2,324,489 | ||||||
| Mustang Special Utility District, | ||||||||
| Revenue, Refunding, Series 2020, 2.00%, 09/01/2045 | 2,625,000 | 1,481,158 | ||||||
| Revenue, Refunding, Series 2020, 2.13%, 09/01/2050 | 2,900,000 | 1,520,632 | ||||||
| New Hope Cultural Education Facilities Finance Corp., | ||||||||
| Jubilee Academic Center, Inc., Revenue, Refunding, Series 2021, 4.00%, 08/15/2041 (e) | 200,000 | 166,689 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.25%, 01/01/2042 | 18,180,000 | 17,080,643 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.50%, 01/01/2057 | 102,190,000 | 90,875,707 | ||||||
| SLF CHP LLC, Revenue, Series 2025 A, 6.25%, 07/01/2045 (e) | 3,450,000 | 3,088,067 | ||||||
| SLF CHP LLC, Revenue, Series 2025 A, 6.50%, 07/01/2056 (e) | 13,525,000 | 11,884,987 | ||||||
| Westminster Manor, Revenue, Series 2021, 4.00%, 11/01/2049 | 3,600,000 | 2,882,300 | ||||||
| Westminster Manor Obligated Group, Revenue, Refunding, Series 2025, 5.00%, 11/01/2055 | 2,200,000 | 1,983,587 | ||||||
| Westminster Manor Obligated Group, Revenue, Refunding, Series 2025, 5.00%, 11/01/2060 | 2,750,000 | 2,445,639 | ||||||
| North Texas Municipal Water District, | ||||||||
| Revenue, Series 2020, 2.00%, 06/01/2041 | 1,165,000 | 729,703 | ||||||
| Revenue, Series 2020, 2.00%, 06/01/2042 | 1,195,000 | 720,397 | ||||||
| Revenue, Series 2020, 2.00%, 06/01/2043 | 1,230,000 | 717,355 | ||||||
| Revenue, Series 2020, 2.00%, 06/01/2044 | 1,260,000 | 713,663 | ||||||
| Revenue, Series 2020, 2.00%, 06/01/2046 | 2,615,000 | 1,406,741 | ||||||
| Buffalo Creek Wastewater Interceptor Syste, Revenue, Refunding, Series 2019, 2.75%, 06/01/2049 | 1,130,000 | 706,062 | ||||||
| Olney Hamilton Hospital District, | ||||||||
| GO, Series 2024, 6.25%, 09/15/2054 (e) | 24,900,000 | 24,991,674 | ||||||
| Parkway Utility District, | ||||||||
| GO, AG Insured, Series 2020, 2.63%, 03/01/2040 | 1,665,000 | 1,256,559 | ||||||
| GO, AG Insured, Series 2020, 2.75%, 03/01/2041 | 2,075,000 | 1,547,692 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| GO, AG Insured, Series 2020, 2.75%, 03/01/2042 | 2,120,000 | 1,537,110 | ||||||
| Port of Beaumont Navigation District, | ||||||||
| Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group, Revenue, AMT, Series 2021 A, 3.00%, 01/01/2050 (e) | 8,750,000 | 5,349,725 | ||||||
| San Antonio Education Facilities Corp., | ||||||||
| University of the Incarnate Word, Revenue, Refunding, Series 2021 A, 4.00%, 04/01/2046 | 7,355,000 | 5,665,129 | ||||||
| University of the Incarnate Word, Revenue, Refunding, Series 2021 A, 4.00%, 04/01/2051 | 5,620,000 | 4,135,620 | ||||||
| University of the Incarnate Word, Revenue, Refunding, Series 2021 A, 4.00%, 04/01/2054 | 7,075,000 | 5,094,462 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., | ||||||||
| Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.75%, 11/15/2035 | 85,000 | 83,526 | ||||||
| Texas Department of Housing & Community Affairs, | ||||||||
| Revenue, GNMA Insured, Series 2025 B, 5.00%, 07/01/2050 | 8,250,000 | 8,187,815 | ||||||
| Texas Transportation Commission, | ||||||||
| State Highway 249 System, Revenue, First Tier, Series 2019 A, 0.00%, 08/01/2052 (h) | 5,000,000 | 1,152,862 | ||||||
| Texas Water Development Board, | ||||||||
| State Water Implementation Fund for Texas, Revenue, Series 2024 A, 4.25%, 10/15/2051 (a) | 17,670,000 | 15,655,035 | ||||||
| Town of Argyle, | ||||||||
| Waterbrook of Argyle Public Improvement District, Special Assessment, Series 2018, 5.13%, 09/01/2038 (e) | 2,100,000 | 2,068,199 | ||||||
| Town of Little Elm, | ||||||||
| Spiritas East Public Improvement District, Special Assessment, Series 2022, 4.00%, 09/01/2051 (e) | 1,509,000 | 1,152,882 | ||||||
| Town of Providence Village, | ||||||||
| Foree Ranch Public Improvement Dist Improvement Area No. 2, Special Assessment, Series 2025, 5.35%, 09/01/2045 (e) | 775,000 | 733,582 | ||||||
| Foree Ranch Public Improvement Dist Improvement Area No. 2, Special Assessment, Series 2025, 5.50%, 09/01/2055 (e) | 1,350,000 | 1,257,290 | ||||||
| Foree Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e) | 650,000 | 596,425 | ||||||
| Foree Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.25%, 09/01/2054 (e) | 865,000 | 792,286 | ||||||
| Travis County Development Authority, | ||||||||
| Special Assessment, Series 2025, 5.00%, 09/01/2044 | 780,000 | 729,462 | ||||||
| Special Assessment, Series 2025, 5.25%, 09/01/2054 | 1,400,000 | 1,276,588 | ||||||
| Bella Fortuna Public Improvement District, Special Assessment, Series 2024, 5.38%, 09/01/2044 (e) | 900,000 | 880,052 | ||||||
| Bella Fortuna Public Improvement District, Special Assessment, Series 2024, 5.63%, 09/01/2051 (e) | 765,000 | 749,197 | ||||||
| Longview 71 Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e) | 585,000 | 550,375 | ||||||
| Longview 71 Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.13%, 09/01/2054 (e) | 840,000 | 770,107 | ||||||
| Village of Salado, | ||||||||
| Sanctuary East Public Improvement District Area No. 1, Special Assessment, Series 2024, 6.25%, 09/01/2044 (e) | 718,000 | 688,309 | ||||||
| Sanctuary East Public Improvement District Area No. 1, Special Assessment, Series 2024, 6.50%, 09/01/2054 (e) | 707,000 | 671,256 | ||||||
| 482,461,239 | ||||||||
| Utah 2.5% | ||||||||
| Arrowhead Springs Public Infrastructure District, | ||||||||
| Special Assessment, Series 2025, 5.63%, 12/01/2054 (e) | 3,200,000 | 3,065,798 | ||||||
| Black Desert Public Infrastructure District, | ||||||||
| GO, Series 2021 A, 4.00%, 03/01/2051 (e) | 8,780,000 | 6,780,392 | ||||||
| Chelsey Public Infrastructure District No. 1, | ||||||||
| GO, Series 2024, 7.25%, 03/01/2054 (e) | 1,610,000 | 1,605,373 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 7.00%, 12/01/2042 (e) | 1,350,000 | 1,366,962 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Utah | ||||||||
| Downtown East Streetcar Sewer Public Infrastructure District, | ||||||||
| GO, Senior Lien, Series 2022 A, 6.00%, 03/01/2053 (e) | 1,000,000 | 941,550 | ||||||
| Fields Estates Public Infrastructure District, | ||||||||
| GO, Series 2024 A-1, 6.13%, 03/01/2055 (e) | 1,975,000 | 1,900,144 | ||||||
| Assessment Area, Special Assessment, Series 2024 A-2, 5.25%, 12/01/2053 (e) | 6,935,000 | 6,365,521 | ||||||
| Firefly Public Infrastructure District No. 1, | ||||||||
| GO, Series 2024 A-1, 6.63%, 03/01/2054 (e) | 5,645,000 | 5,672,509 | ||||||
| Assessment Area 1, Special Assessment, Series 2024 A-2, 5.63%, 12/01/2043 (e) | 1,805,000 | 1,748,992 | ||||||
| Mida Cormont Public Infrastructure District, | ||||||||
| GO, Series 2025 A-1, 6.25%, 06/01/2055 (e) | 5,450,000 | 5,557,737 | ||||||
| GO, Series 2025 A-2, 0.00%, 06/01/2055 (e)(i) | 15,725,000 | 12,792,484 | ||||||
| GO, Series 2025 B, 8.50%, 06/15/2055 (e) | 3,747,000 | 3,750,691 | ||||||
| MIDA Mountain Veterans Program Public Infrastructure District, | ||||||||
| Tax Allocation, Series 2024, 5.00%, 06/01/2044 (e) | 4,750,000 | 4,512,978 | ||||||
| Tax Allocation, Series 2024, 5.20%, 06/01/2054 (e) | 11,205,000 | 10,309,113 | ||||||
| Mida Mountain Village Public Infrastructure District, | ||||||||
| Military Installation Development Auth Military Recreation Fac Project Area, Tax Allocation, Series 2024-1, 5.13%, 06/15/2054 (e) | 6,000,000 | 5,496,094 | ||||||
| Military Installation Development Authority, | ||||||||
| Military Recreation Assessment Area, Revenue, Series 2021 A-2, 4.00%, 06/01/2041 | 4,715,000 | 4,100,604 | ||||||
| Military Recreation Assessment Area, Revenue, Series 2021 A-2, 4.00%, 06/01/2052 | 17,530,000 | 13,501,149 | ||||||
| Moonlight Village Public Infrastructure District No. 1, | ||||||||
| GO, Series 2025 A, 6.00%, 03/01/2056 (e) | 1,000,000 | 943,234 | ||||||
| Olympia Public Infrastructure District No. 1, | ||||||||
| Revenue, Series 2024 A-2, 5.13%, 12/01/2029 (e) | 3,500,000 | 3,523,866 | ||||||
| Limited Tax Pledged, GO, Series 2024 A-1, 6.38%, 03/01/2055 (e) | 2,485,000 | 2,472,259 | ||||||
| Point Phase 1 Public Infrastructure District No. 1, | ||||||||
| Revenue, Series 2025 B, 8.50%, 03/15/2055 | 3,500,000 | 3,412,284 | ||||||
| Ridges Estates Infrastructure Financing District, | ||||||||
| Ridges Estates Infrastructure Financing District Apline Hollow Assessment Area, Special Assessment, Series 2025, 6.25%, 12/01/2053 (e) | 3,500,000 | 3,469,311 | ||||||
| Sage Creek Infrastructure Financing District, | ||||||||
| Special Assessment, Series 2024, 5.75%, 12/01/2053 (e) | 7,155,000 | 6,721,586 | ||||||
| Soleil Hills Public Infrastructure District No. 1, | ||||||||
| GO, Series 2025 A, 5.88%, 03/01/2055 (e) | 2,425,000 | 2,290,145 | ||||||
| Utah Charter School Finance Authority, | ||||||||
| Ascent Academies of Utah, Revenue, Refunding, Series 2022, 5.00%, 06/15/2052 (e) | 3,000,000 | 2,426,071 | ||||||
| Ascent Academies of Utah, Revenue, Refunding, Series 2022, 5.00%, 06/15/2057 (e) | 8,500,000 | 6,733,130 | ||||||
| Ascent Academies of Utah, Revenue, Series 2024, 6.75%, 06/15/2059 (e) | 16,900,000 | 17,163,642 | ||||||
| Athenian Academy, Inc. (The), Revenue, Series 2024 A, 6.50%, 04/15/2058 (e) | 9,060,000 | 7,877,763 | ||||||
| Freedom Academy Foundation, Revenue, Refunding, Series 2017, 5.38%, 06/15/2048 (e) | 5,805,000 | 4,980,944 | ||||||
| Freedom Academy Foundation, Revenue, Series 2021 A, 5.00%, 06/15/2041 (e) | 1,020,000 | 888,743 | ||||||
| Freedom Academy Foundation, Revenue, Series 2021 A, 5.00%, 06/15/2052 (e) | 3,895,000 | 3,087,955 | ||||||
| Odyssey Charter School, Inc., Revenue, Series 2025 A, 7.25%, 06/15/2055 (e) | 7,380,000 | 6,798,737 | ||||||
| Odyssey Charter School, Inc., Revenue, Series 2025 B, 9.00%, 06/15/2031 (e) | 400,000 | 402,990 | ||||||
| Wallace Stegner Academy, Revenue, Series 2019 A, 5.00%, 06/15/2049 (e) | 1,590,000 | 1,336,696 | ||||||
| Utah Infrastructure Agency, | ||||||||
| Revenue, Series 2021, 3.00%, 10/15/2045 | 1,000,000 | 680,372 | ||||||
| Ventana Resort Village Public Infrastructure District, | ||||||||
| GO, Series 2024, 5.50%, 03/01/2054 (e) | 4,000,000 | 3,657,912 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Utah | ||||||||
| Viridian Farm Public Infrastructure District No. 1, | ||||||||
| GO, Series 2024 A, 5.88%, 03/01/2054 (e) | 2,255,000 | 2,151,802 | ||||||
| Wood Ranch Public Infrastructure District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 12/01/2053 (e) | 4,285,000 | 4,131,305 | ||||||
| 174,618,838 | ||||||||
| Vermont 0.1% | ||||||||
| Vermont Economic Development Authority, | ||||||||
| Wake Robin Corp., Revenue, Refunding, Series 2021 A, 4.00%, 05/01/2045 | 460,000 | 365,056 | ||||||
| Vermont Housing Finance Agency, | ||||||||
| Revenue, GNMA Insured, Series 2025 C, 5.05%, 11/01/2045 | 6,560,000 | 6,520,810 | ||||||
| 6,885,866 | ||||||||
| Virgin Islands 0.2% | ||||||||
| Virgin Islands Public Finance Authority, | ||||||||
| United States Virgin Islands, Revenue, Series 2012 C, 5.00%, 10/01/2042 | 500,000 | 450,275 | ||||||
| United States Virgin Islands, Revenue, Refunding, Series 2014 C, 5.00%, 10/01/2030 (e) | 7,500,000 | 7,500,886 | ||||||
| United States Virgin Islands Frenchman's Reef Hotel Room Occupancy Tax, Revenue, Series 2024 A, 6.00%, 04/01/2053 (e) | 4,500,000 | 4,389,029 | ||||||
| 12,340,190 | ||||||||
| Virginia 1.3% | ||||||||
| Farmville Industrial Development Authority, | ||||||||
| Longwood Housing Foundation LLC, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2055 | 4,425,000 | 3,743,546 | ||||||
| Prince William County Industrial Development Authority, | ||||||||
| Westminster Presbyterian Retirement Community Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 01/01/2046 | 1,530,000 | 1,331,413 | ||||||
| Salem Economic Development Authority, | ||||||||
| Roanoke College Obligated Group, Revenue, Series 2025, 5.50%, 04/01/2045 | 600,000 | 585,311 | ||||||
| Roanoke College Obligated Group, Revenue, Series 2025, 6.00%, 04/01/2050 | 720,000 | 730,249 | ||||||
| Roanoke College Obligated Group, Revenue, Series 2025, 6.00%, 04/01/2055 | 1,330,000 | 1,344,066 | ||||||
| Virginia Beach Development Authority, | ||||||||
| Westminster-Canterbury on Chesapeake Bay Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 09/01/2048 | 4,395,000 | 3,299,504 | ||||||
| Virginia College Building Authority, | ||||||||
| Marymount University, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2045 (e) | 1,000,000 | 765,594 | ||||||
| Marymount University, Revenue, Series 2015 B, 5.00%, 07/01/2045 (e) | 1,000,000 | 765,595 | ||||||
| Virginia Housing Development Authority, | ||||||||
| Revenue, Series 2024 D, 4.63%, 08/01/2060 | 6,635,000 | 6,099,413 | ||||||
| Revenue, Series 2024 F SUB F-1, 4.95%, 07/01/2045 | 1,000,000 | 987,858 | ||||||
| Revenue, Series 2024 F SUB F-1, 5.05%, 07/01/2050 | 2,250,000 | 2,248,857 | ||||||
| Revenue, Series 2024 F SUB F-1, 5.10%, 07/01/2055 | 2,000,000 | 1,980,692 | ||||||
| Revenue, Series 2024 H, 4.45%, 12/01/2044 (a) | 1,100,000 | 1,053,886 | ||||||
| Revenue, Series 2024 H, 4.63%, 12/01/2049 (a) | 2,200,000 | 2,036,078 | ||||||
| Revenue, Series 2024 H, 4.70%, 12/01/2054 (a) | 3,000,000 | 2,798,416 | ||||||
| Revenue, Series 2024 H, 4.75%, 12/01/2059 (a) | 5,000,000 | 4,691,750 | ||||||
| Revenue, Series 2024 H, 4.85%, 12/01/2066 (a) | 12,735,000 | 12,117,564 | ||||||
| Revenue, Series 2025 A, 4.75%, 09/01/2060 | 8,715,000 | 8,227,676 | ||||||
| Revenue, Series 2025 A, 4.85%, 03/01/2068 (a) | 16,500,000 | 15,612,011 | ||||||
| Revenue, Series 2025 C, 5.05%, 07/01/2050 | 5,030,000 | 4,943,527 | ||||||
| Revenue, Series 2025 C, 5.10%, 07/01/2055 | 6,420,000 | 6,319,558 | ||||||
| Virginia Small Business Financing Authority, | ||||||||
| LifeSpire of Virginia Obligated Group, Revenue, Refunding, Series 2024 A, 5.50%, 12/01/2054 | 3,000,000 | 2,949,694 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Virginia | ||||||||
| National Senior Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 3.38%, 01/01/2051 | 125,000 | 88,502 | ||||||
| 84,720,760 | ||||||||
| Washington 1.8% | ||||||||
| Grant County Public Hospital District No. 2, | ||||||||
| GO, Series 2024, 5.50%, 12/01/2039 | 500,000 | 520,937 | ||||||
| GO, Series 2024, 5.50%, 12/01/2044 | 1,050,000 | 1,057,327 | ||||||
| King County Public Hospital District No. 4, | ||||||||
| Revenue, Series 2015 A, 6.25%, 12/01/2045 | 1,300,000 | 1,260,851 | ||||||
| Port of Seattle, | ||||||||
| Revenue, AMT, Refunding, Series 2024B, 5.25%, 07/01/2049 | 8,000,000 | 8,072,592 | ||||||
| Port of Woodland, | ||||||||
| Revenue, Series 2024, 5.25%, 12/01/2034 | 1,270,000 | 1,210,732 | ||||||
| Revenue, Series 2024, 6.00%, 12/01/2047 | 3,090,000 | 2,702,882 | ||||||
| Washington Health Care Facilities Authority, | ||||||||
| Overlake Hospital Medical Center Obligated Group, Revenue, Refunding, Series A, 4.00%, 07/01/2042 | 100,000 | 88,200 | ||||||
| Washington State Housing Finance Commission, | ||||||||
| Bayview Manor Homes Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2059 | 1,645,000 | 1,586,311 | ||||||
| Bayview Manor Homes Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2060 (e) | 1,500,000 | 1,443,979 | ||||||
| German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.50%, 01/01/2044 (e) | 1,000,000 | 921,691 | ||||||
| German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.75%, 01/01/2053 (e) | 2,540,000 | 2,314,261 | ||||||
| German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.88%, 01/01/2059 (e) | 3,320,000 | 3,032,253 | ||||||
| Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2038 (e) | 2,000,000 | 1,872,615 | ||||||
| Provident Group - SH II Properties LLC, Revenue, BAM Insured, Series 2025 A, 5.25%, 07/01/2055 (e) | 9,000,000 | 8,844,645 | ||||||
| Provident Group - SH II Properties LLC, Revenue, Series 2025 A, 5.75%, 07/01/2060 (e) | 45,190,000 | 45,077,888 | ||||||
| Provident Group - SH II Properties LLC, Revenue, BAM Insured, Series 2025 A, 5.25%, 07/01/2064 (e) | 24,700,000 | 23,880,372 | ||||||
| Provident Group - SH II Properties LLC, Revenue, Series 2025 B, 7.00%, 07/01/2064 (e) | 6,550,000 | 6,616,439 | ||||||
| Provident Group-SH I Properties LLC, Revenue, Series 2024, 5.00%, 07/01/2054 | 4,305,000 | 4,017,269 | ||||||
| Provident Group-SH I Properties LLC, Revenue, Series 2024, 5.50%, 07/01/2059 | 8,000,000 | 7,983,199 | ||||||
| Spokane United Methodist Homes Obligated Group, Revenue, Series 2019, 5.00%, 01/01/2055 (e) | 5,510,000 | 4,551,244 | ||||||
| 127,055,687 | ||||||||
| West Virginia 0.0%(d) | ||||||||
| City of Huntington, | ||||||||
| Downtown Development/Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.00%, 06/01/2039 | 380,000 | 364,037 | ||||||
| Downtown Development/Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.50%, 06/01/2049 | 450,000 | 422,214 | ||||||
| Kinetic Park Development/Redevelopment District No. 2, Tax Allocation, Refunding, Series 2024, 5.13%, 06/01/2039 | 440,000 | 425,985 | ||||||
| Kinetic Park Development/Redevelopment District No. 2, Tax Allocation, Refunding, Series 2024, 5.63%, 05/01/2050 | 955,000 | 896,242 | ||||||
| County of Ohio, | ||||||||
| Tax Allocation, Refunding, Series 2024, 5.25%, 06/01/2053 | 2,000,000 | 1,879,543 | ||||||
| 3,988,021 | ||||||||
| Wisconsin 11.5% | ||||||||
| Public Finance Authority, | ||||||||
| Revenue, Series 2023-1, Class A, 5.75%, 07/01/2062 | 26,814,238 | 26,634,358 | ||||||
| Revenue, Series 2024, 5.50%, 12/15/2038 (e) | 21,075,000 | 20,748,295 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Revenue, Series 2025, 8.75%, 07/30/2026 (e) | 9,585,000 | 9,381,510 | ||||||
| A&T Real Estate Foundation LLC, Revenue, Series 2019 B, 5.00%, 06/01/2044 | 1,900,000 | 1,798,305 | ||||||
| AMCP Franklin LLC, Revenue, Senior Lien, Series 2025 A-1, 6.75%, 12/01/2060 (e) | 1,000,000 | 984,872 | ||||||
| Ameream LLC, Revenue, Series 2017, 7.00%, 12/01/2050 (e) | 52,030,000 | 49,428,500 | ||||||
| Anthem Municipal Utility District, Revenue, Series 2025, 0.00%, 12/15/2037 (e)(h) | 11,000,000 | 5,459,644 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2040 (e) | 2,020,000 | 1,630,057 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2050 (e) | 2,995,000 | 2,105,930 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2056 (e) | 2,445,000 | 1,648,562 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2024, 5.63%, 06/15/2059 (e) | 1,270,000 | 1,094,971 | ||||||
| Briarwood Municipal Utility District, Revenue, Series 2025, 0.00%, 12/15/2036 (e)(h) | 9,500,000 | 4,520,067 | ||||||
| Campus Real Estate Holding Corp. LLC, Revenue, Refunding, Series 2025 A, 5.25%, 06/01/2045 | 595,000 | 572,473 | ||||||
| Campus Real Estate Holding Corp. LLC, Revenue, Refunding, Series 2025 A, 5.50%, 06/01/2055 | 1,200,000 | 1,158,430 | ||||||
| Cedars Obligated Group, Revenue, Refunding, Series 2019, 5.75%, 05/01/2054 (e) | 175,000 | 113,553 | ||||||
| CFC-SA LLC, Revenue, Senior Lien, Series 2022 A, 5.00%, 02/01/2062 | 4,000,000 | 3,690,425 | ||||||
| Charter Day School Obligated Group, Revenue, Series 2020 A, 5.00%, 12/01/2055 (e) | 2,500,000 | 2,087,868 | ||||||
| CHF - Manoa LLC, Revenue, Series 2023 B, 6.75%, 07/01/2063 (e) | 2,500,000 | 2,425,660 | ||||||
| Cincinnati Classical Academy, Revenue, Series 2024 A, 5.38%, 06/15/2039 (e) | 250,000 | 243,019 | ||||||
| Cincinnati Classical Academy, Revenue, Series 2024 A, 5.70%, 06/15/2044 (e) | 410,000 | 390,962 | ||||||
| Cincinnati Classical Academy, Revenue, Series 2024 A, 5.88%, 06/15/2054 (e) | 1,000,000 | 942,360 | ||||||
| Cincinnati Classical Academy, Revenue, Series 2024 A, 6.00%, 06/15/2064 (e) | 2,415,000 | 2,272,491 | ||||||
| College Achieve Central Charter School Obligated Group, Revenue, Series 2021 A, 5.00%, 06/15/2051 (e) | 3,645,000 | 3,082,736 | ||||||
| Coral Academy of Science Las Vegas, Revenue, Series 2021 A, 4.00%, 07/01/2041 | 1,000,000 | 854,536 | ||||||
| Coral Academy of Science Las Vegas, Revenue, Series 2021 A, 4.00%, 07/01/2051 | 1,000,000 | 760,514 | ||||||
| Coral Academy of Science Reno, Revenue, Series 2022 A, 5.88%, 06/01/2052 (e) | 1,500,000 | 1,355,848 | ||||||
| Cornerstone Charter Academy: A Challenge Foundation Academy, Inc., Revenue, Series 2024, 5.00%, 02/01/2054 | 900,000 | 819,684 | ||||||
| Cornerstone Charter Academy: A Challenge Foundation Academy, Inc., Revenue, Series 2024, 5.00%, 02/01/2064 | 2,000,000 | 1,773,062 | ||||||
| Denton County Municipal Utility District No. 16, Revenue, Series 2024, 5.75%, 12/15/2033 (e) | 5,000,000 | 4,862,019 | ||||||
| Dominium Holdings I LLC, Revenue, Series 2024-1, Class B-1, 6.81%, 04/28/2036 (e) | 27,155,000 | 27,525,446 | ||||||
| FAH Tree House LLC, Revenue, Series 2023 A, 6.50%, 08/01/2053 (e) | 200,000 | 184,126 | ||||||
| Foundation of The University of North Carolina at Charlotte, Inc. (The), Revenue, Series 2021 A, 4.00%, 09/01/2036 (e) | 3,920,000 | 3,548,585 | ||||||
| Foundation of The University of North Carolina at Charlotte, Inc. (The), Revenue, Series 2021 A, 4.00%, 09/01/2056 (e) | 2,440,000 | 1,665,422 | ||||||
| Guilford Charter School Corp., Revenue, Series 2022 A, 5.00%, 04/01/2047 (e) | 2,500,000 | 2,078,926 | ||||||
| Guilford Charter School Corp., Revenue, Series 2022 A, 5.00%, 04/01/2057 (e) | 2,700,000 | 2,139,820 | ||||||
| Guilford College, Revenue, Refunding, Series 2016, 4.25%, 01/01/2028 | 25,000 | 24,771 | ||||||
| Harris County Municipal Utility District No. 544, Revenue, Series 2024, 5.88%, 11/15/2029 (e) | 2,500,000 | 2,501,036 | ||||||
| Hozho Academy, Revenue, Refunding, Series 2025 A, 7.00%, 05/01/2045 (e) | 1,500,000 | 1,451,202 | ||||||
| Hozho Academy, Revenue, Refunding, Series 2025 A, 7.13%, 05/01/2055 (e) | 7,600,000 | 7,252,070 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2024, 5.50%, 12/01/2044 (e) | 13,500,000 | 13,063,149 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2024, 5.75%, 12/01/2054 (e) | 1,450,000 | 1,402,521 | ||||||
| Kahala Senior Living Community Obligated Group, Revenue, Refunding, Series 2025, 5.25%, 11/15/2055 | 1,750,000 | 1,704,756 | ||||||
| Kahala Senior Living Community Obligated Group, Revenue, Refunding, Series 2025, 5.25%, 11/15/2061 | 750,000 | 722,401 | ||||||
| KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2040 (e) | 2,815,000 | 2,578,258 | ||||||
| KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2050 (e) | 4,640,000 | 3,994,349 | ||||||
| KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2055 (e) | 4,060,000 | 3,406,075 | ||||||
| KSU Bixby Real Estate Foundation LLC, Revenue, Senior Lien, Series 2025 A, 5.25%, 06/15/2050 | 1,000,000 | 983,135 | ||||||
| KSU Bixby Real Estate Foundation LLC, Revenue, Senior Lien, Series 2025 A, 5.25%, 06/15/2055 | 1,500,000 | 1,461,635 | ||||||
| KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 B, 5.25%, 06/15/2045 | 600,000 | 586,429 | ||||||
| KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 B, 5.50%, 06/15/2055 | 1,000,000 | 977,923 | ||||||
| KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 C, 5.00%, 06/15/2035 | 575,000 | 582,624 | ||||||
| KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 C, 5.50%, 06/15/2045 | 1,000,000 | 954,628 | ||||||
| KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 C, 5.75%, 06/15/2055 | 1,000,000 | 947,872 | ||||||
| Mater Academy of Nevada, Revenue, Series 2024 A, 5.00%, 12/15/2054 (e) | 2,000,000 | 1,675,675 | ||||||
| Million Air Three Obligated Group, Revenue, AMT, Refunding, Series 2024 A, 6.25%, 09/01/2046 (e) | 12,650,000 | 12,693,549 | ||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Refunding, Series 2017 B, 7.13%, 06/01/2041 (e) | 3,300,000 | 3,435,030 | ||||||
| Montgomery County Municipal Utility District Nos. 123 & 153, Revenue, Series 2024, 0.00%, 12/15/2034 (e)(h) | 12,428,000 | 7,077,049 | ||||||
| Nevada Charter Academies, Revenue, Series 2019 A, 5.00%, 07/15/2039 (e) | 450,000 | 428,330 | ||||||
| New Plan Learning, Inc. Obligated Group, Revenue, Refunding, Series 2021 A, 3.75%, 07/01/2031 | 3,015,000 | 2,827,753 | ||||||
| North East Carolina Preparatory School, Inc., Revenue, Refunding, Series 2024 A, 5.00%, 06/15/2044 | 1,000,000 | 938,468 | ||||||
| North East Carolina Preparatory School, Inc., Revenue, Refunding, Series 2024 A, 5.25%, 06/15/2054 | 1,500,000 | 1,406,350 | ||||||
| Phoenix Montessori Academy, Revenue, Series 2024 A, 7.00%, 07/01/2059 (e) | 21,895,000 | 19,606,552 | ||||||
| Phoenix Montessori Academy, Revenue, Series 2024 B, 8.00%, 07/01/2029 (e) | 400,000 | 399,551 | ||||||
| Puerto Rico Tollroads LLC, Revenue, Senior Lien, AMT, Series 2024, 5.75%, 07/01/2049 | 4,000,000 | 4,022,104 | ||||||
| Puerto Rico Tollroads LLC, Revenue, Senior Lien, AMT, Series 2024, 5.75%, 07/01/2054 | 93,000,000 | 93,631,926 | ||||||
| QCF Behavioral Hospitals I Obligated Group, Revenue, Series 2024 A, 7.50%, 07/01/2059 (e) | 37,000,000 | 40,368,983 | ||||||
| Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 5.25%, 03/01/2047 | 2,000,000 | 1,872,714 | ||||||
| Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 4.75%, 03/01/2052 | 1,950,000 | 1,646,476 | ||||||
| Renaissance Hall at Old Course LLC, Revenue, FHA Insured, Series 2024, 8.00%, 06/01/2067 (e) | 1,000,000 | 900,991 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Refunding, Series 2021 A, 4.50%, 07/01/2048 (e) | 6,920,000 | 5,078,249 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2024, 12.75%, 01/01/2030 | 4,700,000 | 4,720,551 | ||||||
| Roseman University of Health Sciences, Revenue, Series 2020, 5.00%, 04/01/2050 (e) | 2,075,000 | 1,824,832 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 A, 7.00%, 06/17/2029 (e) | 1,000,000 | 1,022,808 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 B, 7.00%, 07/15/2029 (e) | 706,646 | 717,833 | ||||||
| Sky Harbour Capital LLC Obligated Group, Revenue, AMT, Series 2021, 4.25%, 07/01/2054 | 15,975,000 | 12,279,992 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 A, 5.00%, 06/01/2041 (e) | 7,000,000 | 6,806,749 | ||||||
| Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 B, 8.00%, 06/15/2042 (e) | 22,000,000 | 21,482,133 | ||||||
| Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2041 | 3,420,000 | 2,738,633 | ||||||
| Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2051 | 2,000,000 | 1,440,404 | ||||||
| Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 02/01/2030 | 200,000 | 201,005 | ||||||
| Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 02/01/2033 | 1,725,000 | 1,699,872 | ||||||
| Southminster, Inc. Obligated Group, Revenue, Series 2018, 5.00%, 10/01/2053 (e) | 8,170,000 | 7,192,548 | ||||||
| SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 5.75%, 12/31/2065 (f) | 60,000,000 | 57,201,780 | ||||||
| SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 6.50%, 12/31/2065 (f) | 44,000,000 | 45,921,973 | ||||||
| Town of Scarborough Downtown Omnibus Municipal Development & TIF District, Tax Allocation, Series 2024, 5.00%, 08/01/2039 | 3,200,000 | 3,091,504 | ||||||
| Triad Educational Services, Inc., Revenue, Refunding, Series 2025, 5.40%, 06/15/2065 | 2,750,000 | 2,573,960 | ||||||
| Triad Math & Science Academy Co., Revenue, Series 2021 A, 4.00%, 06/15/2051 | 350,000 | 269,334 | ||||||
| Triad Math & Science Academy Co., Revenue, Series 2021 A, 4.00%, 06/15/2061 | 6,235,000 | 4,575,121 | ||||||
| Triad Math & Science Academy Co., Revenue, Refunding, Series 2025, 5.50%, 06/15/2055 | 1,200,000 | 1,163,343 | ||||||
| Triad Math & Science Academy Co., Revenue, Refunding, Series 2025, 5.25%, 06/15/2065 | 5,300,000 | 4,837,907 | ||||||
| UNC Health Appalachian Obligated Group, Revenue, Series 2021 A, 4.00%, 07/01/2051 | 1,675,000 | 1,193,027 | ||||||
| United Methodist Retirement Homes, Inc. Obligated Group (The), Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2046 | 30,000 | 24,436 | ||||||
| WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (e) | 8,485,000 | 6,917,621 | ||||||
| Wingate University, Revenue, Refunding, Series 2018 A, 5.25%, 10/01/2043 | 6,100,000 | 5,645,475 | ||||||
| Wingate University, Revenue, Refunding, Series 2018 A, 5.25%, 10/01/2048 | 13,335,000 | 11,939,982 | ||||||
| Wittenberg University, Revenue, Series 2016, 5.25%, 12/01/2039 (e) | 21,070,000 | 17,318,902 | ||||||
| WVC, Revenue, Series 2022 A, 4.00%, 12/01/2041 (e) | 4,865,000 | 3,962,994 | ||||||
| WVC, Revenue, Series 2022 A, 4.25%, 12/01/2051 (e) | 1,155,000 | 856,905 | ||||||
| Wisconsin Health & Educational Facilities Authority, | ||||||||
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 04/01/2042 | 2,000,000 | 1,781,245 | ||||||
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 4.75%, 04/01/2057 | 3,020,000 | 2,267,424 | ||||||
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 5.13%, 04/01/2057 | 5,130,000 | 4,161,791 | ||||||
| Chiara Communities, Inc., Revenue, Series 2018 B, 5.00%, 07/01/2048 | 3,895,000 | 3,229,318 | ||||||
| Chiara Communities, Inc., Revenue, Series 2018 B, 5.00%, 07/01/2053 | 3,800,000 | 3,061,532 | ||||||
| Chiara Communities, Inc., Revenue, Series 2018 C, 7.50%, 07/01/2053 | 2,500,000 | 2,096,745 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.00%, 07/01/2035 | 6,710,000 | 6,689,212 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.63%, 07/01/2045 | 16,500,000 | 15,761,463 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.88%, 07/01/2055 | 16,350,000 | 15,495,513 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2060 | 34,900,000 | 33,359,193 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2025, 6.63%, 07/01/2060 | 27,050,000 | 27,394,103 | ||||||
| Oakwood Lutheran Senior Ministries Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 01/01/2047 | 3,100,000 | 2,403,633 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Oakwood Lutheran Senior Ministries Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 01/01/2057 | 1,500,000 | 1,064,272 | ||||||
| PHW Menomonee Falls, Inc., Revenue, Series 2024, 6.00%, 10/01/2049 | 1,000,000 | 997,898 | ||||||
| PHW Menomonee Falls, Inc., Revenue, Series 2024, 6.00%, 10/01/2054 | 2,000,000 | 1,974,091 | ||||||
| Sanford Obligated Group, Revenue, Series 2016 A, 3.50%, 02/15/2046 | 1,475,000 | 1,113,768 | ||||||
| Sanford Obligated Group, Revenue, Refunding, Series 2017 C, 4.00%, 02/15/2050 | 65,000 | 54,297 | ||||||
| Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.13%, 02/01/2038 | 2,050,000 | 1,968,637 | ||||||
| Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.25%, 02/01/2043 | 30,000 | 27,983 | ||||||
| Wisconsin Masonic Home Obligated Group, Revenue, Series 2021 A, 4.00%, 08/15/2046 | 1,595,000 | 1,241,018 | ||||||
| Wisconsin Masonic Home Obligated Group, Revenue, Series 2021 A, 4.00%, 08/15/2051 | 1,200,000 | 886,106 | ||||||
| Wisconsin Masonic Home Obligated Group, Revenue, Series 2021 A, 4.00%, 08/15/2055 | 1,700,000 | 1,222,957 | ||||||
| Wisconsin Masonic Home Obligated Group, Revenue, Series 2024 A, 5.75%, 08/15/2059 | 3,000,000 | 2,967,100 | ||||||
| Wisconsin Housing & Economic Development Authority Home Ownership, | ||||||||
| Revenue, GNMA Insured, Series 2024 B, 4.25%, 09/01/2044 | 2,840,000 | 2,541,750 | ||||||
| 795,970,293 | ||||||||
| TOTAL MUNICIPAL BONDS (Cost $8,307,315,367) |
7,820,356,603 | |||||||
| Total Investments
- 112.6% (Cost $8,307,315,367) |
7,820,356,603 | |||||||
| Floating Rate Note Obligations - (11.3)% (k) | (787,345,000 | ) | ||||||
| Liabilities in excess of other assets - (1.3)% | (87,116,386 | ) | ||||||
| Net Assets - 100.0% | 6,945,895,217 | |||||||
| (a) | All or portion of principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash. |
| (b) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on July 31, 2025. |
| (c) | Variable rate demand notes (“VRDNs”) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $3,220,302,003, which represents approximately 46.36% of net assets of the Fund. |
| (f) | When-issued security. |
| (g) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2025. |
| (h) | Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity. |
| (i) | Zero coupon bond until next reset date. |
| (j) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2025. |
| (k) | Face value of Floating Rate Notes issued in TOB transactions. |
| Abbreviations | |
| AMT | Alternative Minimum Tax |
| FHLMC | Federal Home Loan Mortgage Corp. |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Percent of Net | ||||
| Industry Diversification for Portfolio Holdings | Assets | |||
| State Single-Family Housing | 10.9 | % | ||
| Public Transportation | 8.6 | |||
| Hospital | 8.1 | |||
| Economic/Industrial Development | 7.5 | |||
| Charter School | 7.4 | |||
| Continuing Care Retirement Community | 7.0 | |||
| Airport | 6.6 | |||
| Higher Education | 5.6 | |||
| Community Development District | 5.5 | |||
| State Multi-Family Housing | 5.5 | |||
| Toll Highway/Bridge/Tunnel | 4.4 | |||
| Special Assessment Financing | 4.3 | |||
| Student Housing | 3.6 | |||
| Assisted Living | 3.1 | |||
| Tax Increment Financing | 2.6 | |||
| General Revenue Tax-Guaranteed | 2.4 | |||
| Miscellaneous Tax | 2.4 | |||
| Local Multi-Family Housing | 2.2 | |||
| General Obligation | 1.6 | |||
| Nursing Home | 1.6 | |||
| Tobacco Master Settlement Agreement | 1.4 | |||
| Private/Religious School | 1.1 | |||
| Metro Development District | 1.0 | |||
| Port/Marina | 1.0 | |||
| General Obligation District (Other) | 0.8 | |||
| Sales & Excise Tax | 0.8 | |||
| Payments in Lieu of Taxes (PILOT) | 0.7 | |||
| Water & Sewer | 0.7 | |||
| Appropriation | 0.6 | |||
| Indian Tribal Bond | 0.6 | |||
| School District | 0.6 | |||
| General Obligation Hospital/Health District | 0.4 | |||
| Not-For-Profit Human Service Provider | 0.4 | |||
| Mello-Roos | 0.3 | |||
| Independent Living Facility | 0.2 | |||
| Miscellaneous | 0.2 | |||
| Not-For-Profit Foundation | 0.2 | |||
| Public Power System | 0.2 | |||
| Hotel Occupancy Tax | 0.1 | |||
| Loan Pool | 0.1 | |||
| Not-For-Profit Research Organization | 0.1 | |||
| Parking Facility | 0.1 | |||
| Student Loan Revenue | 0.1 | |||
| Local Single-Family Housing | 0.0 | * | ||
| Not-For-Profit Cultural Organization | 0.0 | * | ||
| Secondary Education | 0.0 | * | ||
| Telecom | 0.0 | * | ||
| Total Investments | 112.6 | % | ||
| * | Less than 0.05% |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| MUNICIPAL BONDS - 99.4% | ||||||||
| Alabama 2.5% | ||||||||
| Baldwin County Industrial Development Authority, | ||||||||
| Novelis Corp., Revenue, AMT, Series 2025 A, 5.00%, 06/01/2032 (a)(b)(c) | 10,000,000 | 9,979,909 | ||||||
| Chelsea Park Cooperative District, | ||||||||
| Special Assessment, Series 2018, 4.00%, 05/01/2028 | 225,000 | 219,842 | ||||||
| Hoover Industrial Development Board, | ||||||||
| United States Steel Corp., Revenue, AMT, Series 2019, 5.75%, 10/01/2049 | 1,000,000 | 1,000,302 | ||||||
| Houston County Health Care Authority, | ||||||||
| Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2030 | 7,260,000 | 7,301,900 | ||||||
| Lower Alabama Gas District (The), | ||||||||
| Revenue, Series 2020, 4.00%, 12/01/2025 (a)(b) | 5,000 | 5,009 | ||||||
| Walker County Economic & Industrial Development Authority, | ||||||||
| Alabama Power Co., Revenue, First Series, AMT, Series 2023, 2.90%, 08/01/2025 (b)(d) | 11,815,000 | 11,815,000 | ||||||
| 30,321,962 | ||||||||
| Alaska 0.1% | ||||||||
| Alaska Industrial Development & Export Authority, | ||||||||
| Interior Alaska Natural Gas Utility, Revenue, Series 2020 A, 5.00%, 06/01/2028 | 715,000 | 745,645 | ||||||
| American Samoa 0.2% | ||||||||
| American Samoa Economic Development Authority, | ||||||||
| Revenue, Refunding, Series 2015 A, 6.63%, 09/01/2035 | 100,000 | 100,315 | ||||||
| Revenue, Series 2018, 7.13%, 09/01/2038 (c) | 1,995,000 | 2,105,701 | ||||||
| 2,206,016 | ||||||||
| Arizona 1.4% | ||||||||
| Arizona Board of Regents, | ||||||||
| Arizona State University, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2041 | 1,265,000 | 1,265,491 | ||||||
| Arizona Industrial Development Authority, | ||||||||
| Benjamin Franklin Charter School Obligated Group, Revenue, Series 2023 A, 5.50%, 07/01/2058 (c) | 1,500,000 | 1,378,056 | ||||||
| Doral Academy of Northern Nevada Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 07/15/2028 (c) | 200,000 | 198,200 | ||||||
| Floreo at Teravalis Community Facilities District, | ||||||||
| Floreo at Teravalis Community Facilities District Special Assessment Dist No. 1, Special Assessment, Series 2025, 5.15%, 07/01/2035 (e) | 1,129,000 | 1,131,136 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The), | ||||||||
| Freedom Academy, Inc., Revenue, Series 2016, 5.13%, 07/01/2036 (c) | 1,000,000 | 964,205 | ||||||
| Industrial Development Authority of the County of Pima (The), | ||||||||
| La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 5.75%, 11/15/2025 (c) | 665,000 | 666,443 | ||||||
| La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 6.25%, 11/15/2035 (c) | 1,000,000 | 1,047,098 | ||||||
| La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 7.00%, 11/15/2057 (c) | 1,235,000 | 1,274,985 | ||||||
| La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 B-1, 6.63%, 05/15/2031 (c) | 2,000,000 | 2,006,744 | ||||||
| Leading Edge Academy Maricopa, Revenue, Pre-Refunded, Series 2013, 7.75%, 12/01/2043 | 1,025,000 | 1,040,418 | ||||||
| PLC Charter Schools, Revenue, Refunding, Series 2016, 6.00%, 12/01/2036 (c) | 3,000,000 | 3,004,346 | ||||||
| Maricopa County Industrial Development Authority, | ||||||||
| Benjamin Franklin Charter School Obligated Group, Revenue, Series 2018 A, 6.00%, 07/01/2052 (c) | 3,330,000 | 3,334,414 | ||||||
| Superstition Vistas Community Facilities District No. 1, | ||||||||
| Assessment Area 4, Special Assessment, Series 2024, 4.30%, 07/01/2034 | 125,000 | 117,876 | ||||||
| 17,429,412 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Arkansas 0.6% | ||||||||
| Arkansas Development Finance Authority, | ||||||||
| Revenue, Refunding, Series 2021, 3.00%, 07/01/2031 | 1,750,000 | 1,395,041 | ||||||
| Batesville Public Facilities Board, | ||||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 06/01/2026 | 500,000 | 501,287 | ||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.25%, 04/01/2032 | 25,000 | 22,151 | ||||||
| Clarksville Public Educational Facilities Board, | ||||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 5.25%, 08/01/2029 | 195,000 | 201,578 | ||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 5.25%, 08/01/2034 | 1,040,000 | 1,054,297 | ||||||
| Pulaski County Public Facilities Board, | ||||||||
| Baptist Health Obligated Group, Revenue, Series 2014, 5.00%, 12/01/2042 | 5,530,000 | 5,474,589 | ||||||
| 8,648,943 | ||||||||
| California 6.3% | ||||||||
| Alameda Community Facilities District, | ||||||||
| Community Facilities District No. 13-1, Special Tax, Series 2016, 5.00%, 09/01/2042 | 1,250,000 | 1,246,592 | ||||||
| Antelope Valley Healthcare District, | ||||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.25%, 03/01/2036 | 40,000 | 40,149 | ||||||
| California Health Facilities Financing Authority, | ||||||||
| Providence St. Joseph Health Obligated Group, Revenue, Series 2014 B, 5.00%, 10/01/2044 | 1,300,000 | 1,277,465 | ||||||
| California Infrastructure & Economic Development Bank, | ||||||||
| Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 A, 9.50%, 01/01/2035 (a)(b)(c) | 5,800,000 | 5,171,540 | ||||||
| California Municipal Finance Authority, | ||||||||
| Santa Rosa Academy LLC, Revenue, Series 2015, 5.13%, 07/01/2035 (c) | 1,355,000 | 1,347,585 | ||||||
| California Pollution Control Financing Authority, | ||||||||
| Republic Services, Inc., Revenue, AMT, Refunding, Series 2023, 3.70%, 08/15/2025 (a)(b)(c) | 2,000,000 | 1,999,968 | ||||||
| California Public Finance Authority, | ||||||||
| California University of Science & Medicine Obligated Group, Revenue, Series 2019 A, 6.25%, 07/01/2054 (c) | 2,000,000 | 2,037,897 | ||||||
| Fontana Jurupa Hills Project Area, Tax Allocation, Series 2025 B, 5.00%, 09/01/2033 (c) | 1,920,000 | 1,918,716 | ||||||
| QSH/MB LLC, Revenue, Senior Lien, Series 2025 A-1, 6.75%, 07/01/2065 (c) | 3,500,000 | 3,572,139 | ||||||
| QSH/MB LLC, Revenue, Senior Lien, Series 2025 A-2, 6.50%, 07/01/2065 (c) | 4,050,000 | 3,977,160 | ||||||
| California School Finance Authority, | ||||||||
| Aspire Public Schools Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 08/01/2035 (c) | 1,000,000 | 991,435 | ||||||
| Sycamore Creek Community Charter School, Revenue, Series 2025 A, 7.00%, 06/01/2040 (c) | 3,305,000 | 3,315,379 | ||||||
| California Statewide Communities Development Authority, | ||||||||
| Loma Linda University Medical Center Obligated Group, Revenue, Series 2014 A, 5.25%, 12/01/2044 | 2,585,000 | 2,487,877 | ||||||
| Loma Linda University Medical Center Obligated Group, Revenue, Series 2016 A, 5.00%, 12/01/2036 (c) | 9,795,000 | 9,811,658 | ||||||
| Loma Linda University Medical Center Obligated Group, Revenue, Series 2016 A, 5.25%, 12/01/2056 (c) | 16,320,000 | 15,062,543 | ||||||
| Loma Linda University Medical Center Obligated Group, Revenue, Series 2018 A, 5.25%, 12/01/2048 (c) | 1,500,000 | 1,426,576 | ||||||
| California Statewide Financing Authority, | ||||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043 | 200,000 | 204,298 | ||||||
| City of Fontana, | ||||||||
| Community Facilities District No. 80, Special Tax, Series 2017, 2.38%, 09/01/2025 | 285,000 | 284,659 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| California | ||||||||
| City of Los Angeles Department of Airports, | ||||||||
| Revenue, AMT, ETM, Series 2016 A, 5.00%, 05/15/2026 | 10,000 | 10,138 | ||||||
| Del Mar Race Track Authority, | ||||||||
| Revenue, Refunding, Series 2015, 5.00%, 10/01/2025 | 1,665,000 | 1,665,261 | ||||||
| Revenue, Refunding, Series 2015, 5.00%, 10/01/2027 | 1,535,000 | 1,535,070 | ||||||
| Kaweah Delta Health Care District Guild, | ||||||||
| Revenue, Series 2015 B, 3.25%, 06/01/2029 | 300,000 | 285,646 | ||||||
| Revenue, Series 2015 B, 3.38%, 06/01/2031 | 60,000 | 55,442 | ||||||
| Revenue, Series 2015 B, 3.75%, 06/01/2035 | 680,000 | 603,889 | ||||||
| Silicon Valley Tobacco Securitization Authority, | ||||||||
| Revenue, Series 2007 A, 0.00%, 06/01/2036 (f) | 32,500,000 | 17,505,586 | ||||||
| 77,834,668 | ||||||||
| Colorado 2.3% | ||||||||
| Aerotropolis Regional Transportation Authority, | ||||||||
| Revenue, Series 2024, 5.75%, 12/01/2054 (c) | 5,000,000 | 4,836,281 | ||||||
| City & County of Denver, | ||||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2017, 5.00%, 10/01/2032 | 9,155,000 | 9,154,379 | ||||||
| City of Fruita, | ||||||||
| Lower Valley Hospital Association Obligated Group, Revenue, Refunding, Series 2017 B, 5.38%, 01/01/2033 (c) | 5,400,000 | 5,403,776 | ||||||
| Colorado Educational & Cultural Facilities Authority, | ||||||||
| Vega Collegiate Academy, Revenue, Series 2021 A, 5.00%, 02/01/2034 (c) | 600,000 | 601,134 | ||||||
| Colorado Health Facilities Authority, | ||||||||
| BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 4.25%, 09/15/2038 | 530,000 | 471,323 | ||||||
| Eagle County Airport Terminal Corp., | ||||||||
| Revenue, AMT, Refunding, Series B, 5.00%, 05/01/2033 | 5,450,000 | 5,503,140 | ||||||
| Revenue, AMT, Refunding, Series B, 5.00%, 05/01/2037 | 1,000,000 | 1,000,063 | ||||||
| Elbert County Independence Water & Sanitation District, | ||||||||
| Revenue, Refunding, Series 2024, 5.13%, 12/01/2033 | 1,009,000 | 1,019,683 | ||||||
| Pueblo Urban Renewal Authority, | ||||||||
| City of Pueblo Sales Tax, Revenue, Series 2017, 5.00%, 06/01/2036 | 100,000 | 93,180 | ||||||
| Town of Del Norte, | ||||||||
| Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 4.88%, 12/01/2034 | 795,000 | 774,913 | ||||||
| 28,857,872 | ||||||||
| Connecticut 0.4% | ||||||||
| Connecticut Housing Finance Authority, | ||||||||
| Revenue, AMT, Refunding, Series 2020 E2, 1.70%, 11/15/2028 | 950,000 | 880,177 | ||||||
| Connecticut State Health & Educational Facilities Authority, | ||||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2027 (c) | 100,000 | 101,792 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2028 (c) | 100,000 | 102,633 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2029 (c) | 100,000 | 103,298 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2030 (c) | 100,000 | 102,873 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2032 (c) | 150,000 | 152,745 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2034 (c) | 125,000 | 126,041 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2032 | 1,075,000 | 1,076,425 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2033 | 1,410,000 | 1,398,443 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2034 | 1,365,000 | 1,339,917 | ||||||
| 5,384,344 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Delaware 0.0%(g) | ||||||||
| Delaware State Economic Development Authority, | ||||||||
| NRG Energy, Inc., Revenue, Refunding, Series 2020 A, 1.25%, 10/01/2025 (a)(b) | 10,000 | 9,942 | ||||||
| District of Columbia 1.0% | ||||||||
| District of Columbia, | ||||||||
| Obligated Group, Revenue, Series 2024 A, 5.63%, 06/01/2044 | 1,000,000 | 985,202 | ||||||
| Metropolitan Washington Airports Authority Aviation, | ||||||||
| Revenue, AMT, Refunding, Series 2021 A, 4.00%, 10/01/2037 | 1,500,000 | 1,434,281 | ||||||
| Revenue, AMT, Refunding, Series A, 4.00%, 10/01/2035 | 10,635,000 | 10,372,051 | ||||||
| 12,791,534 | ||||||||
| Florida 13.6% | ||||||||
| Alachua County Health Facilities Authority, | ||||||||
| Shands Teaching Hospital & Clinics Obligated Group, Revenue, Series A, 5.00%, 12/01/2044 | 25,000 | 24,914 | ||||||
| Alachua County Housing Finance Authority, | ||||||||
| Woodland Park II LLC, Revenue, Series 2025 B, 4.90%, 07/01/2028 (a)(b)(c) | 1,850,000 | 1,863,166 | ||||||
| Antillia Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2031 | 220,000 | 223,322 | ||||||
| Avenir Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2021 A-1, 2.75%, 05/01/2031 | 3,065,000 | 2,873,787 | ||||||
| Babcock Ranch Community Independent Special District, | ||||||||
| Assessments, Special Assessment, Series 2022, 4.25%, 05/01/2032 | 15,000 | 15,073 | ||||||
| Assessments, Special Assessment, Series 2024, 4.30%, 05/01/2031 (c) | 1,000,000 | 1,003,272 | ||||||
| Babcock Ranch Community Independent Special District Assessment Area 1, Special Assessment, Series 2015, 5.25%, 11/01/2046 | 3,460,000 | 3,362,531 | ||||||
| Balm Grove Community Development District, | ||||||||
| Special Assessment, Series 2022, 3.63%, 11/01/2032 | 1,290,000 | 1,218,392 | ||||||
| Beach Road Golf Estates Community Development District, | ||||||||
| Beach Road Golf Estates Cmnty Development District Series 2015 Special Assmnt, Special Assessment, Series 2015, 5.00%, 11/01/2036 | 125,000 | 125,041 | ||||||
| Capital Projects Finance Authority, | ||||||||
| Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 01/01/2035 (c) | 1,500,000 | 1,497,770 | ||||||
| Capital Trust Agency, Inc., | ||||||||
| Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2031 (c) | 500,000 | 478,473 | ||||||
| Sarasota-Manatee Jewish Housing Council Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027 (c) | 425,000 | 416,055 | ||||||
| Capital Trust Authority, | ||||||||
| Revenue, AMT, Series 2024 A, 6.88%, 12/01/2044 (c) | 3,500,000 | 3,329,350 | ||||||
| Connerton East Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 4.65%, 06/15/2035 | 200,000 | 200,392 | ||||||
| County of Palm Beach, | ||||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.50%, 10/01/2035 (c) | 1,600,000 | 1,735,189 | ||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.50%, 10/01/2035 (c) | 500,000 | 532,270 | ||||||
| Provident Group-PBAU Properties LLC, Revenue, Series 2019 A, 5.00%, 04/01/2029 (c) | 720,000 | 732,935 | ||||||
| Crossings Community Development District, | ||||||||
| Area 2, Special Assessment, Series 2024, 4.75%, 05/01/2031 | 260,000 | 262,306 | ||||||
| Crosswinds East Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 4.50%, 05/01/2031 | 210,000 | 210,751 | ||||||
| East Nassau Stewardship District, | ||||||||
| East Nassau Stewardship District Series 2024 Special Assessment, Special Assessment, Series 2024, 5.25%, 05/01/2029 | 5,500,000 | 5,501,773 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Wildlight Village Phase 3, Special Assessment, Series 2024, 4.70%, 05/01/2031 | 840,000 | 846,394 | ||||||
| Edgewater East Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2022, 3.38%, 05/01/2032 | 1,975,000 | 1,888,248 | ||||||
| Epperson North Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2018 A-1, 5.75%, 11/01/2049 (c) | 995,000 | 999,476 | ||||||
| Florida Development Finance Corp., | ||||||||
| AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 12.00%, 07/15/2028 (a)(b)(c) | 26,375,000 | 15,825,000 | ||||||
| AAF Operations Holdings LLC, Revenue, AMT, Series 2024 A, 10.00%, 07/15/2028 (a)(b)(c) | 15,750,000 | 9,450,000 | ||||||
| Assistance Unlimited, Inc., Revenue, Refunding, Series 2022, 5.00%, 08/15/2032 (c) | 410,000 | 401,731 | ||||||
| Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 A, 8.25%, 08/13/2025 (a)(b)(c) | 50,960,000 | 43,316,117 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2036 | 6,675,000 | 5,429,523 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2041 | 1,500,000 | 1,219,708 | ||||||
| GFL Solid Waste Southeast LLC, Revenue, AMT, Series 2024 A, 4.38%, 10/01/2031 (a)(b)(c) | 8,000,000 | 7,943,537 | ||||||
| Southwest Charter Foundation Bonita Springs & Collier Charter Obligated Group, Revenue, Series A, 6.00%, 06/15/2037 (c) | 1,075,000 | 1,077,215 | ||||||
| Waste Pro USA, Inc., Revenue, AMT, Series 2019, 5.00%, 05/01/2029 (c) | 140,000 | 141,485 | ||||||
| Waste Pro USA, Inc., Revenue, AMT, Series 2021, 3.00%, 06/01/2032 | 10,520,000 | 9,516,940 | ||||||
| Florida Local Government Finance Commission, | ||||||||
| BridgePrep Academy, Inc. Series 2025 Obligated Group, Revenue, Series 2025A, 5.00%, 06/15/2035 (c) | 7,370,000 | 7,412,027 | ||||||
| Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 5.25%, 07/01/2038 (c) | 2,070,000 | 2,067,719 | ||||||
| Florida Municipal Loan Council, | ||||||||
| Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 4.50%, 05/01/2031 | 265,000 | 267,604 | ||||||
| Golden Gem Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.15%, 05/01/2031 | 535,000 | 544,400 | ||||||
| Gracewater Sarasota Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2021, 2.95%, 05/01/2031 | 500,000 | 457,672 | ||||||
| Greater Orlando Aviation Authority, | ||||||||
| JetBlue Airways Corp., Revenue, AMT, Refunding, Series 2013, 5.00%, 11/15/2026 | 3,495,000 | 3,494,961 | ||||||
| Greenbriar Community Development District, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2025, 4.80%, 05/01/2032 | 410,000 | 414,005 | ||||||
| Harmony Community Development District, | ||||||||
| Harmony Community Development District Series 2001 Assessment, Special Assessment, Refunding, Series 2014, 5.25%, 05/01/2032 | 2,500,000 | 2,499,960 | ||||||
| Hills of Minneola Community Development District, | ||||||||
| South Parcel Assessment Area, Special Assessment, Series 2020, 4.00%, 05/01/2040 (c) | 3,650,000 | 3,188,549 | ||||||
| Kings Creek I Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 4.50%, 05/01/2030 | 300,000 | 303,463 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.00%, 05/01/2036 | 455,000 | 456,141 | ||||||
| Kingston One Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.00%, 05/01/2035 | 2,590,000 | 2,626,747 | ||||||
| Lakes of Sarasota Community Development District 2, | ||||||||
| Special Assessment, Series B, 5.20%, 05/01/2035 | 3,025,000 | 2,999,619 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Lakewood Ranch Stewardship District, | ||||||||
| Assessment Azario, Special Assessment, Series 2020 A, 3.75%, 05/01/2040 | 525,000 | 455,544 | ||||||
| Assessment Lorraine Lakes, Special Assessment, Series 2020, 3.63%, 05/01/2040 (c) | 1,075,000 | 915,889 | ||||||
| Assessment Northeast Sector Project Phase 2B, Special Assessment, Refunding, Series 2020, 3.75%, 05/01/2040 (c) | 2,100,000 | 1,808,335 | ||||||
| Assessment Star Farms Phase 1/2, Special Assessment, Series 2021, 3.00%, 05/01/2041 | 685,000 | 526,399 | ||||||
| Lakewood Ranch Stewardship Dist Series 2019 Assmnt Northeast Sector Phase 2A, Special Assessment, Series 2019, 3.85%, 05/01/2039 | 555,000 | 481,917 | ||||||
| Lakewood Ranch Stewardship District Series 2024 Assessment, Special Assessment, Series 2024, 5.25%, 05/01/2044 | 580,000 | 561,344 | ||||||
| LTC Ranch West Residential Community Development District, | ||||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 4.75%, 05/01/2031 | 300,000 | 302,007 | ||||||
| LTC Ranch West Residential Cmnty Development Dist 2021B Assmnt Area Spl Assmnt, Special Assessment, Series 2021 B, 3.25%, 05/01/2031 | 1,320,000 | 1,252,345 | ||||||
| Marion Ranch Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.10%, 05/01/2031 | 215,000 | 218,313 | ||||||
| Miami-Dade County Expressway Authority, | ||||||||
| Revenue, Refunding, Series 2010 A, 5.00%, 07/01/2040 | 1,940,000 | 1,940,451 | ||||||
| Miami-Dade County Industrial Development Authority, | ||||||||
| Miami Community Charter School, Revenue, Refunding, Series 2020 A, 4.25%, 06/01/2030 (c) | 485,000 | 469,024 | ||||||
| Mid-Bay Bridge Authority, | ||||||||
| Revenue, Refunding, Series C, 5.00%, 10/01/2035 | 1,780,000 | 1,786,175 | ||||||
| Midtown Miami Community Development District, | ||||||||
| Midtown Miami Community Development District Series 2014 Special Assessment, Special Assessment, Refunding, Series 2014 B, 5.00%, 05/01/2037 | 1,000,000 | 999,965 | ||||||
| Osceola Chain Lakes Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2020, 3.50%, 05/01/2030 | 350,000 | 336,719 | ||||||
| Palm Beach County Health Facilities Authority, | ||||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2004 B, 4.00%, 11/15/2034 | 15,000 | 14,402 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 C, 5.00%, 05/15/2028 | 20,000 | 20,008 | ||||||
| Palm Coast Park Community Development District, | ||||||||
| Sawmill Branch - Phase 7, Special Assessment, Series 2024, 4.38%, 05/01/2031 | 200,000 | 199,800 | ||||||
| Peace Crossing Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2031 | 760,000 | 762,466 | ||||||
| Pine Island Community Development District, | ||||||||
| Special Assessment, Series 2004, 5.75%, 05/01/2035 | 570,000 | 572,446 | ||||||
| Silverlake Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 4.50%, 05/01/2031 | 350,000 | 346,769 | ||||||
| Southern Groves Community Development District No. 5, | ||||||||
| Assessment Area, Special Assessment, Refunding, Series 2019, 3.25%, 05/01/2029 | 185,000 | 180,621 | ||||||
| Terra Lago Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 4.50%, 05/01/2032 | 650,000 | 654,938 | ||||||
| Terreno Community Development District, | ||||||||
| Terreno Community Development District Series 2025 Assessment Area, Special Assessment, Series 2025, 4.55%, 05/01/2032 | 375,000 | 379,064 | ||||||
| Tuckers Pointe Community Development District, | ||||||||
| Master Infrastructure Project, Special Assessment, Series 2022, 3.63%, 05/01/2032 | 4,500,000 | 4,311,607 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Verandah East Community Development District, | ||||||||
| Verandah East Community Development District Series 2016 Special Assessment, Special Assessment, Refunding, Series 2016, 3.75%, 05/01/2026 | 5,000 | 4,987 | ||||||
| Villages of Westport Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035 | 35,000 | 35,149 | ||||||
| Woodland Crossing Community Development District, | ||||||||
| Woodland Crossing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 4.88%, 05/01/2030 (c) | 410,000 | 418,166 | ||||||
| Yarborough Lane Community Development District, | ||||||||
| Yarborough Lane Community Development District Series 2024 Special Assessment, Special Assessment, Series 2024, 4.75%, 05/01/2031 | 250,000 | 251,284 | ||||||
| 170,601,137 | ||||||||
| Georgia 2.3% | ||||||||
| Atlanta Development Authority (The), | ||||||||
| City of Atlanta Westside Tax Allocation District Gulch Area, Tax Allocation, Series 2024 A-1, 5.00%, 04/01/2034 (c) | 8,250,000 | 8,209,490 | ||||||
| City of Atlanta Westside Tax Allocation District Gulch Area, Tax Allocation, Series 2024 A-2, 5.50%, 04/01/2039 (c) | 2,850,000 | 2,842,840 | ||||||
| City of Atlanta Westside Tax Allocation District Gulch Area, Revenue, Series 2024-1, Class A, 0.00%, 12/15/2048 (c) | 1,000,000 | 849,639 | ||||||
| City of Atlanta, | ||||||||
| Water & Wastewater, Revenue, Refunding, Series 2015, 5.00%, 11/01/2040 | 5,000,000 | 4,999,688 | ||||||
| Development Authority of Appling County, | ||||||||
| Georgia Power Co., Revenue, Series 2011, 2.85%, 08/01/2025 (b)(d) | 2,250,000 | 2,250,000 | ||||||
| Development Authority of Burke County (The), | ||||||||
| Georgia Power Co., Revenue, Refunding, Series 2018, 2.80%, 08/01/2025 (b)(d) | 5,000,000 | 5,000,000 | ||||||
| Development Authority of Cobb County (The), | ||||||||
| Kennesaw State University Real Estate Obligated Group 2015 ABC, Revenue, Junior Lien, Series 2014 C, 5.00%, 07/15/2029 | 235,000 | 235,144 | ||||||
| Development Authority of The City of Marietta, | ||||||||
| Life University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 11/01/2027 (c) | 400,000 | 402,121 | ||||||
| George L Smith II Congress Center Authority, | ||||||||
| Signia Hotel Management LLC, Revenue, Second Tier, Series 2021 B, 3.63%, 01/01/2031 (c) | 1,170,000 | 1,125,044 | ||||||
| Signia Hotel Management LLC, Revenue, Second Tier, Series 2021 B, 5.00%, 01/01/2036 (c) | 2,500,000 | 2,503,253 | ||||||
| Main Street Natural Gas, Inc., | ||||||||
| Revenue, Series 2022 C, 4.00%, 11/01/2027 (a)(b)(c) | 500,000 | 499,352 | ||||||
| 28,916,571 | ||||||||
| Guam 0.2% | ||||||||
| Territory of Guam, | ||||||||
| Revenue, Refunding, Series 2015 D, 5.00%, 11/15/2029 | 525,000 | 526,441 | ||||||
| Revenue, Refunding, Series 2015 D, 5.00%, 11/15/2031 | 685,000 | 686,278 | ||||||
| Revenue, Refunding, Series 2015 D, 5.00%, 11/15/2034 | 1,000,000 | 1,000,955 | ||||||
| 2,213,674 | ||||||||
| Idaho 0.2% | ||||||||
| Spring Valley Community Infrastructure District No. 1, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.25%, 09/01/2053 (c) | 2,000,000 | 1,991,176 | ||||||
| Illinois 5.5% | ||||||||
| Chicago Board of Education, | ||||||||
| GO, Series 2015 C, 5.25%, 12/01/2035 | 2,000,000 | 1,999,993 | ||||||
| GO, Series 2015 C, 5.25%, 12/01/2039 | 120,000 | 117,764 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Illinois | ||||||||
| GO, Refunding, Series 2021 B, 5.00%, 12/01/2036 | 150,000 | 149,349 | ||||||
| Chicago O'Hare International Airport, | ||||||||
| Revenue, Senior Lien, AMT, Refunding, Series 2018 A, 5.00%, 01/01/2039 | 3,140,000 | 3,157,181 | ||||||
| TrIPs Obligated Group, Revenue, AMT, Series 2018, 5.00%, 07/01/2048 | 11,005,000 | 10,336,998 | ||||||
| City of Calumet City, | ||||||||
| GO, Series 2023 B, 4.50%, 03/01/2037 | 600,000 | 548,852 | ||||||
| City of Chicago, | ||||||||
| GO, Series 2025 A, 6.00%, 01/01/2050 | 3,000,000 | 3,065,264 | ||||||
| GO, Series 2025 F, 6.00%, 01/01/2042 | 1,475,000 | 1,554,512 | ||||||
| City of Harvey, | ||||||||
| GO, Refunding, Series 2023 A, 4.00%, 01/01/2028 | 265,000 | 254,547 | ||||||
| County of Cook, | ||||||||
| Deerfield SLF LP, Revenue, Series 2024, 6.50%, 01/01/2045 | 2,000,000 | 1,922,516 | ||||||
| Illinois Finance Authority, | ||||||||
| Acero Charter Schools, Inc. Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 10/01/2028 (c) | 580,000 | 580,177 | ||||||
| Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2030 | 1,000,000 | 946,459 | ||||||
| Bradley University, Revenue, Refunding, Series 2021, 4.00%, 08/01/2035 | 800,000 | 739,996 | ||||||
| Bradley University, Revenue, Refunding, Series 2021, 4.00%, 08/01/2036 | 775,000 | 708,166 | ||||||
| Chicago Theatre Group, Inc., Revenue, Refunding, Series 2019, 5.00%, 09/01/2027 | 1,170,000 | 1,185,803 | ||||||
| Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 5.13%, 10/01/2035 (c) | 700,000 | 698,455 | ||||||
| Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.00%, 10/01/2045 (c) | 1,000,000 | 976,269 | ||||||
| Columbia College Chicago, Revenue, Series 2019, 5.00%, 12/01/2029 | 2,055,000 | 2,081,861 | ||||||
| Illinois Wesleyan University, Revenue, Refunding, Series 2016, 3.00%, 09/01/2030 | 1,500,000 | 1,424,821 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 4.00%, 05/15/2035 | 290,000 | 276,405 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 05/15/2035 | 250,000 | 249,992 | ||||||
| LRS Holdings LLC, Revenue, AMT, Series 2023 B, 7.38%, 09/01/2033 (a)(b)(c) | 5,000,000 | 5,445,437 | ||||||
| Mercy Health Corp. Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 12/01/2046 | 2,500,000 | 2,436,213 | ||||||
| Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.50%, 05/15/2047 | 1,000,000 | 1,029,077 | ||||||
| Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.63%, 05/15/2052 | 285,000 | 292,540 | ||||||
| Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.75%, 05/15/2058 | 850,000 | 872,762 | ||||||
| Rosalind Franklin University of Medicine and Science, Revenue, Series 2025, 5.25%, 08/01/2035 (c) | 5,000,000 | 4,949,836 | ||||||
| Silver Cross Hospital Obligated Group, Revenue, Refunding, Series 2015 C, 5.00%, 08/15/2044 | 1,375,000 | 1,376,265 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2026 | 465,000 | 460,969 | ||||||
| Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 05/01/2038 | 25,000 | 23,695 | ||||||
| Illinois State Toll Highway Authority, | ||||||||
| Revenue, Series 2014 C, 5.00%, 01/01/2037 | 5,810,000 | 5,810,320 | ||||||
| Revenue, Series 2014 C, 5.00%, 01/01/2038 | 3,000,000 | 2,999,878 | ||||||
| Revenue, Series 2015 A, 5.00%, 01/01/2036 | 1,900,000 | 1,900,832 | ||||||
| Upper Illinois River Valley Development Authority, | ||||||||
| Northern Kane Educational Corp., Revenue, Refunding, Series 2017 A, 5.25%, 12/01/2037 (c) | 1,000,000 | 948,726 | ||||||
| Village of Bridgeview, | ||||||||
| GO, Refunding, Series 2015 A, 5.00%, 12/01/2030 | 90,000 | 90,110 | ||||||
| GO, Refunding, Series 2015 A, 5.63%, 12/01/2041 | 2,175,000 | 2,089,422 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Illinois | ||||||||
| Village of Lincolnwood Il, | ||||||||
| North Lincoln Redevelopment Project Area, COP, Series 2025 B, 5.75%, 12/01/2043 (c) | 500,000 | 492,528 | ||||||
| Village of Rantoul, | ||||||||
| Evans Road Redevelopment Area, Tax Allocation, Refunding, Series 2024, 5.25%, 12/01/2033 (c) | 400,000 | 398,372 | ||||||
| Village of Romeoville, | ||||||||
| Lewis University, Revenue, Refunding, Series 2018 B, 5.00%, 10/01/2036 | 505,000 | 500,570 | ||||||
| Lewis University, Revenue, Refunding, Series 2018 B, 5.00%, 10/01/2039 | 1,640,000 | 1,559,070 | ||||||
| Western Illinois Economic Development Authority, | ||||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.13%, 06/01/2027 | 200,000 | 195,647 | ||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.25%, 06/01/2028 | 755,000 | 732,442 | ||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.50%, 06/01/2029 | 365,000 | 352,572 | ||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 4.00%, 06/01/2033 | 680,000 | 626,095 | ||||||
| 68,558,758 | ||||||||
| Indiana 0.6% | ||||||||
| City of Valparaiso, | ||||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2025 B, 9.50%, 10/01/2035 (c) | 4,000,000 | 3,892,047 | ||||||
| Indiana Finance Authority, | ||||||||
| Avondale Meadows Academy, Revenue, Refunding, Series 2017, 5.38%, 07/01/2047 | 950,000 | 857,285 | ||||||
| Earlham College, Inc., Revenue, Refunding, Series 2013 A, 5.00%, 10/01/2032 | 1,000,000 | 985,210 | ||||||
| Hanover College, Revenue, Series 2013, 4.25%, 05/01/2033 | 25,000 | 23,256 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.00%, 10/01/2031 | 10,000 | 8,957 | ||||||
| Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.25%, 07/01/2028 (c) | 500,000 | 503,813 | ||||||
| Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.88%, 07/01/2038 (c) | 540,000 | 531,137 | ||||||
| United States Steel Corp., Revenue, AMT, Series 2012, 5.75%, 08/01/2042 | 160,000 | 159,993 | ||||||
| Indiana Housing & Community Development Authority, | ||||||||
| Revenue, Series 2017 C 3, 2.75%, 08/01/2025 (b)(d) | 300,000 | 300,000 | ||||||
| Richmond Hospital Authority, | ||||||||
| Reid Hospital & Health Care Services, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 01/01/2029 | 800,000 | 800,737 | ||||||
| 8,062,435 | ||||||||
| Iowa 0.4% | ||||||||
| City of Coralville, | ||||||||
| COP, Series 2016 E, 4.00%, 06/01/2029 | 640,000 | 618,515 | ||||||
| Crawford County Memorial Hospital, Inc., | ||||||||
| Revenue, Series 2024, 5.00%, 06/15/2027 | 1,000,000 | 1,013,587 | ||||||
| Delaware County Memorial Hospital, | ||||||||
| Revenue, Series 2025, 4.40%, 12/01/2027 | 285,000 | 289,189 | ||||||
| Revenue, Series 2025, 5.00%, 12/01/2033 | 195,000 | 198,644 | ||||||
| Revenue, Series 2025, 5.10%, 12/01/2034 | 430,000 | 436,287 | ||||||
| Iowa Finance Authority, | ||||||||
| Revenue, Refunding, GNMA Insured, Series 2021B, 2.00%, 07/01/2036 | 1,100,000 | 831,254 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 B, 6.60%, 05/15/2028 | 460,000 | 484,324 | ||||||
| 3,871,800 | ||||||||
| Kansas 2.0% | ||||||||
| City of Derby, | ||||||||
| STAR Bond District, Revenue, Series 2022, 5.00%, 09/01/2042 | 1,425,000 | 1,405,001 | ||||||
| City of Lenexa, | ||||||||
| Lakeview Village, Inc., Revenue, Refunding, Series 2018 A, 5.00%, 05/15/2027 | 135,000 | 136,353 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Kansas | ||||||||
| City of Wichita, | ||||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series III-2019, 3.75%, 05/15/2034 | 480,000 | 426,867 | ||||||
| Wyandotte County-Kansas City Unified Government, | ||||||||
| Revenue, Series 2021-A, 2.25%, 08/01/2025 | 45,000 | 45,000 | ||||||
| Tax Allocation, Refunding, Series 2022, 5.75%, 03/01/2041 (c) | 17,000,000 | 17,124,294 | ||||||
| Sales Tax, Revenue, Series 2015 A, 5.00%, 09/01/2027 | 815,000 | 815,091 | ||||||
| Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 09/01/2039 (c) | 5,000,000 | 5,068,588 | ||||||
| Wyandotte County-Kansas City Unified Government Sales Tax, Revenue, Series 2015 A, 5.75%, 09/01/2032 | 350,000 | 328,661 | ||||||
| 25,349,855 | ||||||||
| Kentucky 1.0% | ||||||||
| City of Campbellsville, | ||||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 4.50%, 03/01/2028 | 10,000 | 9,950 | ||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 4.75%, 03/01/2029 | 60,000 | 59,998 | ||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 5.00%, 03/01/2030 | 25,000 | 25,003 | ||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2013A, 5.13%, 03/01/2033 | 40,000 | 39,997 | ||||||
| City of Hopkinsville, | ||||||||
| Ascend Elements, Inc., Revenue, AMT, Series 2024, 6.00%, 12/01/2031 (a)(b) | 10,000,000 | 9,896,378 | ||||||
| Louisville/Jefferson County Metropolitan Government, | ||||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2031 | 2,000,000 | 1,952,566 | ||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 4.00%, 05/01/2029 | 200,000 | 191,281 | ||||||
| 12,175,173 | ||||||||
| Louisiana 0.3% | ||||||||
| Calcasieu Parish Memorial Hospital Service District, | ||||||||
| Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2034 | 2,000,000 | 2,000,582 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, | ||||||||
| Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2026 | 390,000 | 387,238 | ||||||
| Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2027 | 410,000 | 400,946 | ||||||
| Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2028 | 430,000 | 414,416 | ||||||
| Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2029 | 450,000 | 427,349 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2039 (c) | 100,000 | 89,137 | ||||||
| 3,719,668 | ||||||||
| Maryland 1.2% | ||||||||
| City of Baltimore, | ||||||||
| Baltimore Hotel Corp., Revenue, Refunding, Series 2017, 5.00%, 09/01/2033 | 1,105,000 | 1,114,093 | ||||||
| County of Frederick, | ||||||||
| Mount St Mary's University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2032 (c) | 740,000 | 740,605 | ||||||
| County of Prince George's, | ||||||||
| Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2037 | 2,500,000 | 2,404,870 | ||||||
| Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.00%, 07/01/2030 (c) | 1,200,000 | 1,221,308 | ||||||
| Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.25%, 07/01/2048 (c) | 2,000,000 | 1,966,740 | ||||||
| Maryland Health & Higher Educational Facilities Authority, | ||||||||
| Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2037 | 1,600,000 | 1,573,730 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Maryland | ||||||||
| TidalHealth Obligated Group, Revenue, Series 2020 A, 4.00%, 07/01/2036 | 2,825,000 | 2,729,643 | ||||||
| Prince George's County Revenue Authority, | ||||||||
| County of Prince George's MD Suitland-Naylor Road Development District, Tax Allocation, Series 2016, 5.00%, 07/01/2046 (c) | 2,000,000 | 1,907,288 | ||||||
| 13,658,277 | ||||||||
| Massachusetts 1.6% | ||||||||
| Massachusetts Development Finance Agency, | ||||||||
| Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2031 (c) | 30,000 | 29,925 | ||||||
| Boston Medical Center Corp. Obligated Group, Revenue, Refunding, Series 2016 E, 5.00%, 07/01/2033 | 5,000,000 | 5,055,100 | ||||||
| Boston Medical Center Corp. Obligated Group, Revenue, Series 2017 F, 5.00%, 07/01/2030 | 1,475,000 | 1,514,880 | ||||||
| Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 5.50%, 07/15/2035 (c) | 3,300,000 | 3,271,028 | ||||||
| Emmanuel College, Revenue, Refunding, Series 2016A, 5.00%, 10/01/2035 | 6,375,000 | 6,375,006 | ||||||
| Lawrence General Hospital Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2028 | 675,000 | 664,403 | ||||||
| Salem Community Corp. Obligated Group, Revenue, Refunding, Series 2022, 5.00%, 01/01/2030 | 465,000 | 474,547 | ||||||
| Salem Community Corp. Obligated Group, Revenue, Refunding, Series 2022, 5.00%, 01/01/2031 | 485,000 | 493,619 | ||||||
| Suffolk University, Revenue, Refunding, Series 2017, 5.00%, 07/01/2035 | 1,480,000 | 1,478,919 | ||||||
| 19,357,427 | ||||||||
| Michigan 0.6% | ||||||||
| Flint Hospital Building Authority, | ||||||||
| Hurley Medical Center, Revenue, Series 2013 B, 4.75%, 07/01/2028 | 750,000 | 747,496 | ||||||
| Hurley Medical Center, Revenue, Refunding, Series 2020, 5.00%, 07/01/2026 | 500,000 | 502,581 | ||||||
| Kalamazoo Economic Development Corp., | ||||||||
| Friendship Village of Kalamazoo Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 08/15/2031 (c) | 890,000 | 870,069 | ||||||
| Michigan Finance Authority, | ||||||||
| Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2033 | 40,000 | 29,032 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2036 | 1,000,000 | 701,718 | ||||||
| Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031 | 500,000 | 399,166 | ||||||
| Detroit Public Lighting Authority Utility Users Tax, Revenue, Series 2014 B, 5.00%, 07/01/2026 | 25,000 | 25,041 | ||||||
| Michigan Strategic Fund, | ||||||||
| Friendship Village of Kalamazoo Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 08/15/2031 (c) | 665,000 | 650,108 | ||||||
| Wayne County Airport Authority, | ||||||||
| Detroit Metropolitan Wayne County Airport, Revenue, AMT, Refunding, Series F, 5.00%, 12/01/2033 | 3,000,000 | 3,004,043 | ||||||
| 6,929,254 | ||||||||
| Minnesota 1.2% | ||||||||
| City of Landfall Village, | ||||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.75%, 08/01/2029 | 205,000 | 205,729 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.80%, 08/01/2030 | 215,000 | 215,200 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.85%, 08/01/2031 | 225,000 | 223,684 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.90%, 08/01/2032 | 235,000 | 232,599 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 5.00%, 08/01/2033 | 250,000 | 245,939 | ||||||
| City of Moorhead, | ||||||||
| Concordia College, Revenue, Refunding, Series 2016, 5.00%, 12/01/2034 | 1,155,000 | 1,155,918 | ||||||
| Concordia College, Revenue, Refunding, Series 2016, 5.00%, 12/01/2040 | 1,350,000 | 1,314,175 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Minnesota | ||||||||
| City of Shakopee, | ||||||||
| Benedictine Living Community of Shakopee LLC, Revenue, Series 2018, 5.85%, 11/01/2025 (a)(b)(c) | 9,370,000 | 9,347,128 | ||||||
| Dakota County Community Development Agency, | ||||||||
| Sanctuary at West St. Paul (The), Revenue, Series 2015, 6.00%, 08/01/2035 | 1,500,000 | 1,157,740 | ||||||
| 14,098,112 | ||||||||
| Mississippi 0.7% | ||||||||
| City of Jackson, | ||||||||
| GO, Refunding, Series 2021, 5.00%, 03/01/2027 | 920,000 | 938,281 | ||||||
| County of Tunica, | ||||||||
| Revenue, Refunding, Series 2019, 6.00%, 10/01/2040 | 2,500,000 | 2,497,598 | ||||||
| Harrison County Utility Authority, | ||||||||
| Revenue, Refunding, Series 2020 A, 1.50%, 07/01/2030 (c) | 3,500,000 | 2,896,853 | ||||||
| Mississippi Business Finance Corp., | ||||||||
| Chevron USA, Inc., Revenue, Series 2010L, 2.70%, 08/01/2025 (b)(d) | 3,000,000 | 3,000,000 | ||||||
| Mississippi Development Bank, | ||||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2027 | 40,000 | 38,923 | ||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2028 | 170,000 | 162,351 | ||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2029 | 295,000 | 276,690 | ||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.13%, 03/01/2030 | 130,000 | 118,618 | ||||||
| Natchez-Adams School District, | ||||||||
| GO, Series 2020, 2.13%, 03/01/2027 | 430,000 | 410,077 | ||||||
| GO, Series 2020, 2.00%, 03/01/2031 | 175,000 | 148,581 | ||||||
| Revenue, Series 2020, 2.38%, 02/01/2036 | 30,000 | 21,966 | ||||||
| 10,509,938 | ||||||||
| Missouri 1.4% | ||||||||
| County of Boone, | ||||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2028 | 1,000,000 | 961,960 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2029 | 1,525,000 | 1,443,312 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2030 | 1,300,000 | 1,209,720 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 4.00%, 08/01/2033 | 2,470,000 | 2,035,129 | ||||||
| Grindstone Plaza Transportation Development District, | ||||||||
| Revenue, Series 2006 A, 5.40%, 10/01/2026 | 100,000 | 100,010 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, | ||||||||
| Maryville University of St Louis, Revenue, Refunding, Series 2020 A, 4.00%, 06/15/2034 | 4,345,000 | 4,079,428 | ||||||
| Maryville University of St. Louis, Revenue, Refunding, Series 2020 A, 4.00%, 06/15/2038 | 4,545,000 | 3,996,341 | ||||||
| Mercy Health, Revenue, Series 2014 F, 5.00%, 11/15/2045 | 150,000 | 148,894 | ||||||
| SSM Health Care Obligated Group, Revenue, Series 2014F, 2.80%, 08/01/2025 (b)(d) | 1,375,000 | 1,375,000 | ||||||
| St Louis County Industrial Development Authority, | ||||||||
| Friendship Village St Louis Obligated Group, Revenue, Series 2013 A, 5.50%, 09/01/2033 | 1,000,000 | 999,743 | ||||||
| 16,349,537 | ||||||||
| Montana 0.1% | ||||||||
| City of Great Falls, | ||||||||
| Downtown Urban Renewal District, Tax Allocation, Series 2021, 3.00%, 07/01/2035 | 1,005,000 | 834,605 | ||||||
| Montana Facility Finance Authority, | ||||||||
| Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2035 | 50,000 | 43,867 | ||||||
| 878,472 | ||||||||
| Nebraska 0.1% | ||||||||
| Douglas County Hospital Authority No. 2, | ||||||||
| Madonna Rehabilitation Hospital Obligated Group, Revenue, Series 2014, 5.00%, 05/15/2036 | 1,500,000 | 1,497,335 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Nevada 3.2% | ||||||||
| City of Las Vegas, | ||||||||
| Special Improvement District No. 812, Special Assessment, Series 2015, 5.00%, 12/01/2031 | 520,000 | 521,875 | ||||||
| Special Improvement District No. 816, Special Assessment, Series 2021, 2.75%, 06/01/2031 | 220,000 | 197,553 | ||||||
| City of Sparks, | ||||||||
| Special Improvement District No. 1, Special Assessment, Series 2024, 5.00%, 06/01/2044 | 400,000 | 381,856 | ||||||
| State of Nevada Department of Business & Industry, | ||||||||
| Desertxpress Enterprises LLC, Revenue, AMT, Series 2025 A, 9.50%, 01/01/2033 (a)(b)(c) | 43,690,000 | 37,908,826 | ||||||
| 39,010,110 | ||||||||
| New Hampshire 4.5% | ||||||||
| New Hampshire Business Finance Authority, | ||||||||
| Revenue, Series 2024, 5.38%, 12/01/2031 (c) | 2,400,000 | 2,397,080 | ||||||
| Revenue, Series 2024, 5.88%, 12/15/2032 (c) | 2,526,000 | 2,484,032 | ||||||
| Revenue, Series 2024, 0.00%, 12/01/2034 (c)(f) | 22,000,000 | 11,836,286 | ||||||
| Revenue, Series 2024, 5.38%, 12/15/2035 (c) | 3,900,000 | 3,810,281 | ||||||
| Revenue, Series 2025, 0.00%, 12/15/2032 (c)(f) | 9,429,000 | 5,850,156 | ||||||
| Revenue, Series 2025, 0.00%, 12/15/2033 (c)(f) | 13,000,000 | 7,870,333 | ||||||
| Brazoria County Municipal Utility District No. 83, Revenue, Series 2024, 5.30%, 12/01/2032 (c) | 272,000 | 270,969 | ||||||
| Christian Health Care Center Obligated Group, Revenue, Series 2019 A, 5.25%, 07/01/2039 (c) | 4,410,000 | 4,347,704 | ||||||
| Travis County Municipal Utility District No. 22, Revenue, Series 2025, 0.00%, 12/01/2031 (c)(e)(f) | 23,995,000 | 15,885,547 | ||||||
| Waller County Municipal Utility District No. 38, Revenue, Series 2024, 0.00%, 04/01/2032 (c)(f) | 1,517,000 | 999,098 | ||||||
| 55,751,486 | ||||||||
| New Jersey 3.3% | ||||||||
| City of Atlantic City, | ||||||||
| GO, Refunding, Series 2013, 5.00%, 12/01/2025 | 45,000 | 44,952 | ||||||
| GO, Refunding, Series 2013, 5.00%, 12/01/2027 | 10,000 | 9,936 | ||||||
| New Jersey Economic Development Authority, | ||||||||
| DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.38%, 01/01/2035 (c) | 21,000,000 | 21,329,200 | ||||||
| DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.63%, 01/01/2045 (c) | 12,250,000 | 12,453,990 | ||||||
| Marion P Thomas Charter School, Inc., Revenue, Series 2018 A, 4.75%, 10/01/2028 (c) | 1,000,000 | 994,193 | ||||||
| Marion P Thomas Charter School, Inc., Revenue, Series 2018 A, 5.00%, 10/01/2033 (c) | 1,000,000 | 969,860 | ||||||
| United Airlines, Inc., Revenue, AMT, Series 1999, 5.25%, 09/15/2029 | 210,000 | 210,217 | ||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2012, 5.75%, 09/15/2027 | 2,000,000 | 2,004,081 | ||||||
| United Airlines, Inc., Revenue, AMT, Series B, 5.63%, 11/15/2030 | 2,390,000 | 2,392,488 | ||||||
| New Jersey Educational Facilities Authority, | ||||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.25%, 07/01/2030 | 25,000 | 21,268 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.50%, 07/01/2031 | 35,000 | 29,441 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2035 | 185,000 | 160,888 | ||||||
| New Jersey Health Care Facilities Financing Authority, | ||||||||
| St Joseph's Healthcare System Obligated Group, Revenue, Refunding, Series 2016, 3.00%, 07/01/2032 | 50,000 | 45,575 | ||||||
| St Joseph's Healthcare System Obligated Group, Revenue, Refunding, Series 2016, 3.13%, 07/01/2033 | 150,000 | 135,004 | ||||||
| 40,801,093 | ||||||||
| New Mexico 0.0%(g) | ||||||||
| New Mexico Hospital Equipment Loan Council, | ||||||||
| Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2034 | 40,000 | 39,625 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| New York 7.7% | ||||||||
| Allegany County Capital Resource Corp., | ||||||||
| Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2026 | 170,000 | 169,438 | ||||||
| Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2032 | 1,385,000 | 1,335,056 | ||||||
| Build NYC Resource Corp., | ||||||||
| Inc., Revenue, AMT, Refunding, Series 2014, 5.00%, 01/01/2035 (c) | 12,900,000 | 12,905,123 | ||||||
| Albert Einstein College of Medicine, Inc., Revenue, Series 2015, 5.50%, 09/01/2045 (c) | 3,880,000 | 3,768,551 | ||||||
| WHIN Music Community Charter School, Revenue, Series 2022 A, 6.50%, 07/01/2052 (c) | 1,500,000 | 1,423,864 | ||||||
| City of Glens Falls, | ||||||||
| Revenue, Series 2011, 5.00%, 06/15/2026 | 865,000 | 865,692 | ||||||
| City of New York, | ||||||||
| GO, Series 2014 I-2, 2.75%, 08/01/2025 (b)(d) | 8,100,000 | 8,100,000 | ||||||
| County of Sullivan, | ||||||||
| Improvement Districts Service Fee, Special Assessment, Series E-1, 4.85%, 11/01/2031 (c) | 100,000 | 101,056 | ||||||
| Dobbs Ferry Local Development Corp., | ||||||||
| Mercy University, Revenue, Series 2014, 5.00%, 07/01/2039 | 20,000 | 19,854 | ||||||
| Dutchess County Local Development Corp., | ||||||||
| Nuvance Health Obligated Group, Revenue, Series 2016 B, 3.00%, 07/01/2029 | 150,000 | 144,894 | ||||||
| Monroe County Industrial Development Corp., | ||||||||
| St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 4.00%, 01/01/2030 | 910,000 | 889,029 | ||||||
| MTA Hudson Rail Yards Trust Obligations, | ||||||||
| Revenue, Series 2016 A, 5.00%, 11/15/2056 | 20,000 | 19,863 | ||||||
| New York City Transitional Finance Authority Building Aid, | ||||||||
| State of New York, Revenue, Series 2015 S-1, 5.00%, 07/15/2034 | 1,395,000 | 1,396,473 | ||||||
| New York City Transitional Finance Authority Future Tax Secured, | ||||||||
| Revenue, Series 2019A-4, 2.75%, 08/01/2025 (b)(d) | 680,000 | 680,000 | ||||||
| New York Liberty Development Corp., | ||||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, 5.15%, 11/15/2034 (c) | 1,500,000 | 1,500,029 | ||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 2, 5.38%, 11/15/2040 (c) | 13,000,000 | 12,811,309 | ||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, 5.00%, 11/15/2044 (c) | 10,800,000 | 10,338,318 | ||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (c) | 500,000 | 500,270 | ||||||
| New York State Dormitory Authority, | ||||||||
| Catholic Health System Obligated Group, Revenue, Refunding, Series 2019 A, 3.00%, 07/01/2031 | 100,000 | 89,053 | ||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2033 (c) | 1,700,000 | 1,678,835 | ||||||
| St Joseph's University/Brooklyn, Revenue, Series 2021, 5.00%, 07/01/2028 | 110,000 | 111,691 | ||||||
| New York State Environmental Facilities Corp., | ||||||||
| Casella Waste Systems, Inc., Revenue, AMT, Series 2014, 2.88%, 12/03/2029 (a)(b)(c) | 3,000,000 | 2,791,706 | ||||||
| Casella Waste Systems, Inc., Revenue, AMT, Series 2020 R-1, 2.75%, 09/02/2025 (a)(b) | 2,475,000 | 2,469,383 | ||||||
| Casella Waste Systems, Inc., Revenue, AMT, Series 2020 R-2, 5.13%, 09/03/2030 (a)(b)(c) | 1,000,000 | 1,017,850 | ||||||
| New York Transportation Development Corp., | ||||||||
| American Airlines, Inc., Revenue, AMT, Refunding, Series 2016, 5.00%, 08/01/2031 | 9,000,000 | 8,999,446 | ||||||
| JFK International Air Terminal LLC, Revenue, AMT, Refunding, Series 2020 A, 5.00%, 12/01/2032 | 1,250,000 | 1,311,288 | ||||||
| Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.00%, 07/01/2034 | 2,500,000 | 2,502,484 | ||||||
| Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.00%, 07/01/2041 | 1,000,000 | 999,961 | ||||||
| Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.00%, 07/01/2046 | 1,305,000 | 1,240,903 | ||||||
| Laguardia Gateway Partners LLC, Revenue, AMT, AG Insured, Series 2016 A, 5.25%, 01/01/2050 | 3,470,000 | 3,378,480 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| New York | ||||||||
| Oneida Indian Nation of New York, | ||||||||
| Revenue, Series 2024 B, 6.00%, 09/01/2043 (c) | 145,000 | 151,540 | ||||||
| Onondaga Civic Development Corp., | ||||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2029 | 315,000 | 313,494 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2030 | 520,000 | 512,653 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2031 | 200,000 | 195,121 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2032 | 250,000 | 241,215 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2033 | 275,000 | 261,741 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2034 | 700,000 | 656,811 | ||||||
| Port Authority of New York & New Jersey, | ||||||||
| Revenue, Third Series, AMT, Refunding, Series 193, 5.00%, 10/15/2034 | 3,540,000 | 3,546,869 | ||||||
| Suffolk Regional Off-Track Betting Corp., | ||||||||
| Revenue, Series 2024, 6.00%, 12/01/2053 | 780,000 | 793,397 | ||||||
| Syracuse Regional Airport Authority, | ||||||||
| Revenue, AMT, Refunding, Series 2021, 5.00%, 07/01/2026 | 1,000,000 | 1,010,702 | ||||||
| Westchester County Industrial Development Agency, | ||||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Series 2017 A, 7.00%, 06/01/2046 (c) | 400,000 | 416,316 | ||||||
| Westchester County Local Development Corp., | ||||||||
| Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 07/01/2036 (c) | 4,000,000 | 4,001,947 | ||||||
| 95,661,705 | ||||||||
| North Carolina 3.6% | ||||||||
| Charlotte-Mecklenburg Hospital Authority (The), | ||||||||
| Atrium Health Obligated Group, Revenue, Refunding, Series 2007 B, 2.85%, 08/01/2025 (b)(d) | 21,495,000 | 21,495,000 | ||||||
| North Carolina Housing Finance Agency, | ||||||||
| Revenue, Refunding, GNMA Insured, Series 2020, 2.00%, 07/01/2035 | 1,075,000 | 846,896 | ||||||
| Revenue, GNMA Insured, Series 2022, 3.15%, 01/01/2033 | 1,000,000 | 932,380 | ||||||
| Revenue, GNMA Insured, Series 2022, 3.25%, 01/01/2034 | 1,000,000 | 927,895 | ||||||
| North Carolina Medical Care Commission, | ||||||||
| FirstHealth of the Carolinas, Inc., Revenue, Refunding, Series 2017D, 2.75%, 08/01/2025 (b)(d) | 16,000,000 | 16,000,000 | ||||||
| Vidant Health Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 06/01/2040 | 5,000,000 | 4,982,538 | ||||||
| 45,184,709 | ||||||||
| North Dakota 0.1% | ||||||||
| City of Horace, | ||||||||
| GO, Special Assessment, Refunding, Series 2020 B, 3.00%, 05/01/2030 | 100,000 | 93,434 | ||||||
| North Dakota Housing Finance Agency, | ||||||||
| Revenue, Series 2021A, 2.05%, 07/01/2036 | 2,400,000 | 1,820,445 | ||||||
| 1,913,879 | ||||||||
| Ohio 2.1% | ||||||||
| City of Norwood, | ||||||||
| Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 4.38%, 12/01/2030 | 645,000 | 647,586 | ||||||
| Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 5.00%, 12/01/2035 | 750,000 | 762,674 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Ohio | ||||||||
| Cleveland-Cuyahoga County Port Authority, | ||||||||
| Playhouse Square Foundation, Revenue, Refunding, Series 2018, 5.25%, 12/01/2038 | 1,400,000 | 1,401,747 | ||||||
| County of Fairfield, | ||||||||
| Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.13%, 06/15/2033 | 5,025,000 | 4,929,949 | ||||||
| County of Hamilton, | ||||||||
| TriHealth Obligated Group, Revenue, Refunding, Series 2021 B, 2.80%, 08/01/2025 (b)(d) | 5,775,000 | 5,775,000 | ||||||
| County of Hardin, | ||||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 4.00%, 05/01/2026 | 50,000 | 49,550 | ||||||
| County of Lucas, | ||||||||
| Promedica Healthcare Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 11/15/2048 | 8,700,000 | 8,177,857 | ||||||
| County of Washington, | ||||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052 | 1,080,000 | 1,110,508 | ||||||
| Ohio Air Quality Development Authority, | ||||||||
| Ohio Valley Electric Corp., Revenue, Series 2009 C, 1.50%, 11/04/2025 (a)(b) | 1,000,000 | 990,291 | ||||||
| Ohio Valley Electric Corp., Revenue, Refunding, Series 2019 A, 3.25%, 09/01/2029 | 10,000 | 9,856 | ||||||
| State of Ohio, | ||||||||
| State of Ohio Department of Transportation, Revenue, AMT, AG Insured, Series 2015, 5.00%, 12/31/2035 | 650,000 | 650,399 | ||||||
| 24,505,417 | ||||||||
| Oklahoma 2.4% | ||||||||
| Oklahoma County Finance Authority, | ||||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 5.25%, 06/15/2034 (c) | 775,000 | 764,043 | ||||||
| Oklahoma Development Finance Authority, | ||||||||
| OU Medicine Obligated Group, Revenue, Series 2018 B, 5.50%, 08/15/2057 | 1,000,000 | 940,675 | ||||||
| Tulsa Municipal Airport Trust, | ||||||||
| American Airlines, Inc., Revenue, AMT, Refunding, Series 2001 B, 5.50%, 12/01/2035 | 5,000,000 | 4,995,686 | ||||||
| Tulsa Municipal Airport Trust Trustees, | ||||||||
| American Airlines, Inc., Revenue, AMT, Refunding, Series 2025, 6.25%, 12/01/2035 | 15,500,000 | 17,113,369 | ||||||
| Wagoner County Development Authority, | ||||||||
| Revenue, Series 2025, 9.00%, 05/01/2026 | 225,000 | 230,844 | ||||||
| Revenue, Series 2025, 9.00%, 05/01/2027 | 580,000 | 614,254 | ||||||
| Revenue, Series 2025, 8.25%, 05/01/2028 | 630,000 | 662,443 | ||||||
| Revenue, Series 2025, 6.75%, 05/01/2040 | 3,110,000 | 3,111,602 | ||||||
| 28,432,916 | ||||||||
| Oregon 0.5% | ||||||||
| Oregon State Facilities Authority, | ||||||||
| Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.00%, 12/01/2040 | 420,000 | 400,848 | ||||||
| Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.38%, 12/01/2045 | 1,040,000 | 967,837 | ||||||
| Polk County Hospital Facility Authority, | ||||||||
| Dallas Mennonite Retirement Community Obligated Group, Revenue, Series 2015 A, 5.13%, 07/01/2035 | 3,680,000 | 3,679,982 | ||||||
| Yamhill County Hospital Authority, | ||||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 4.00%, 11/15/2026 | 185,000 | 183,630 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2031 | 350,000 | 350,471 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2036 | 455,000 | 437,315 | ||||||
| 6,020,083 | ||||||||
| Pennsylvania 3.6% | ||||||||
| Allegheny County Higher Education Building Authority, | ||||||||
| Robert Morris University, Revenue, Pre-Refunded, Series 2016, 5.00%, 10/15/2034 | 600,000 | 615,851 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Pennsylvania | ||||||||
| Allentown Neighborhood Improvement Zone Development Authority, | ||||||||
| Revenue, Revenue, Series 2017, 5.00%, 05/01/2032 (c) | 4,270,000 | 4,334,637 | ||||||
| Total Waterfront, Revenue, Series 2024 A, 5.25%, 05/01/2032 (c) | 1,165,000 | 1,184,071 | ||||||
| Berks County Municipal Authority (The), | ||||||||
| Tower Health Obligated Group, Revenue, Series 2024 A-2A, 6.00%, 06/30/2034 | 25,000 | 26,108 | ||||||
| Bucks County Industrial Development Authority, | ||||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2027 | 620,000 | 636,874 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2029 | 275,000 | 289,151 | ||||||
| Butler County Hospital Authority, | ||||||||
| Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2035 | 4,370,000 | 4,217,254 | ||||||
| Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2026 | 20,000 | 20,006 | ||||||
| Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2028 | 20,000 | 20,007 | ||||||
| Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2029 | 1,820,000 | 1,820,469 | ||||||
| Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2030 | 1,370,000 | 1,370,245 | ||||||
| City of Erie Higher Education Building Authority, | ||||||||
| Mercyhurst University, Revenue, Series 2016, 5.00%, 09/15/2026 (c) | 230,000 | 230,154 | ||||||
| Crawford County Hospital Authority, | ||||||||
| Meadville Medical Center Obligated Group, Revenue, Refunding, Series 2016 A, 6.00%, 06/01/2046 | 3,810,000 | 3,816,641 | ||||||
| DuBois Hospital Authority, | ||||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2027 | 15,000 | 15,179 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2028 | 760,000 | 768,151 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2029 | 75,000 | 75,704 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2032 | 3,050,000 | 3,023,888 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2035 | 250,000 | 230,292 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 5.00%, 07/15/2032 | 250,000 | 250,067 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 5.00%, 07/15/2035 | 125,000 | 121,603 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2031 | 10,000 | 10,151 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2032 | 125,000 | 124,577 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2033 | 30,000 | 30,085 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2034 | 585,000 | 582,189 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2035 | 340,000 | 334,621 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2036 | 30,000 | 29,196 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2037 | 300,000 | 288,431 | ||||||
| Fulton County Industrial Development Authority, | ||||||||
| Fulton County Medical Center (The), Revenue, Refunding, Series 2016, 4.00%, 07/01/2028 | 2,145,000 | 2,099,726 | ||||||
| General Authority of Southcentral Pennsylvania, | ||||||||
| WellSpan Health Obligated Group, Revenue, Refunding, Series 2019 E, 2.90%, 08/01/2025 (b)(d) | 2,000,000 | 2,000,000 | ||||||
| Lancaster County Hospital Authority, | ||||||||
| Brethren Village Obligated Group, Revenue, Refunding, Series 2017, 4.13%, 07/01/2027 | 40,000 | 39,728 | ||||||
| Moravian Manors Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2028 | 250,000 | 251,007 | ||||||
| Moravian Manors Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2030 | 255,000 | 255,733 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Pennsylvania | ||||||||
| Monroe County Industrial Development Authority, | ||||||||
| Monroe County Industrial Development Authority Pocono CBK TIF District, Tax Allocation, Refunding, Series 2025, 5.00%, 07/01/2033 (e) | 1,620,000 | 1,623,272 | ||||||
| Montgomery County Higher Education and Health Authority, | ||||||||
| Holy Redeemer Health System Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 10/01/2026 | 50,000 | 50,022 | ||||||
| Pennsylvania Economic Development Financing Authority, | ||||||||
| Bridges Finco LP, Revenue, AMT, Series 2015, 5.00%, 12/31/2026 | 10,000 | 10,152 | ||||||
| Pennsylvania Higher Educational Facilities Authority, | ||||||||
| St Joseph's University, Revenue, Refunding, Series 2015 A, 3.13%, 11/01/2029 | 25,000 | 23,885 | ||||||
| Philadelphia Authority for Industrial Development, | ||||||||
| St Joseph's University, Revenue, Series 2017, 5.00%, 11/01/2047 | 8,915,000 | 8,348,414 | ||||||
| Pocono Mountains Industrial Park Authority, | ||||||||
| St. Luke's Hospital Obligated Group, Revenue, Series 2015 A, 5.00%, 08/15/2040 | 5,100,000 | 5,069,009 | ||||||
| St. Mary Hospital Authority, | ||||||||
| Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, (3-month SOFR+0.83%), 3.90%, 11/15/2034 (h) | 690,000 | 677,125 | ||||||
| Susquehanna Area Regional Airport Authority, | ||||||||
| Revenue, AMT, Refunding, Series 2017, 5.00%, 01/01/2038 | 1,000,000 | 987,504 | ||||||
| 45,901,179 | ||||||||
| Rhode Island 0.6% | ||||||||
| Rhode Island Health and Educational Building Corp., | ||||||||
| Care New England Health System Obligated Group, Revenue, Refunding, Series 2016 B, 5.00%, 09/01/2036 | 5,250,000 | 5,113,257 | ||||||
| Lifespan Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 05/15/2039 | 2,840,000 | 2,759,476 | ||||||
| 7,872,733 | ||||||||
| South Carolina 0.0%(g) | ||||||||
| South Carolina Public Service Authority, | ||||||||
| South Carolina Public Service Authority, Revenue, Series 2015 E, 5.25%, 12/01/2055 | 1,120,000 | 1,119,893 | ||||||
| Tennessee 1.8% | ||||||||
| Industrial Development Board of The City of Kingsport Tennessee (The), | ||||||||
| Domtar Paper Co. LLC, Revenue, AMT, Series 2024, 5.25%, 11/15/2029 (a)(b)(c) | 18,620,000 | 18,374,132 | ||||||
| Shelby County Health Educational & Housing Facilities Board, | ||||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.00%, 09/01/2033 (c) | 35,000 | 32,067 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 3.50%, 09/01/2026 (c) | 25,000 | 24,318 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 09/01/2037 (c) | 4,060,000 | 3,512,378 | ||||||
| 21,942,895 | ||||||||
| Texas 4.6% | ||||||||
| Abilene Convention Center Hotel Development Corp., | ||||||||
| City of Abilene Abilene Convention Center, Revenue, Second Lien, Series 2021 B, 3.75%, 10/01/2031 (c) | 500,000 | 463,813 | ||||||
| Arlington Higher Education Finance Corp., | ||||||||
| Newman International Academy, Revenue, Series 2021 A, 4.00%, 08/15/2031 | 350,000 | 311,122 | ||||||
| Austin Convention Enterprises, Inc., | ||||||||
| Revenue, First Tier, Refunding, Series 2017 A, 5.00%, 01/01/2026 | 150,000 | 150,484 | ||||||
| Revenue, First Tier, Refunding, Series A, 5.00%, 01/01/2028 | 20,000 | 20,225 | ||||||
| Revenue, First Tier, Refunding, Series A, 5.00%, 01/01/2034 | 250,000 | 250,542 | ||||||
| Revenue, Second Tier, Refunding, Series B, 5.00%, 01/01/2032 | 1,075,000 | 1,078,474 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| Bexar County Health Facilities Development Corp., | ||||||||
| Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 07/15/2026 | 40,000 | 40,180 | ||||||
| City of Austin, | ||||||||
| Airport System, Revenue, AMT, Series 2017 B, 5.00%, 11/15/2041 | 2,985,000 | 2,975,002 | ||||||
| City of Buda, | ||||||||
| Persimmon Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 5.75%, 09/01/2033 (c) | 1,000,000 | 991,399 | ||||||
| City of Caddo Mills, | ||||||||
| Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 5.30%, 09/15/2035 (c) | 2,425,000 | 2,414,968 | ||||||
| City of Dorchester, | ||||||||
| Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 5.25%, 09/15/2031 (c) | 350,000 | 345,610 | ||||||
| City of Houston, | ||||||||
| United Airlines, Inc., Revenue, AMT, Series 2018 C, 5.00%, 07/15/2028 | 7,095,000 | 7,129,800 | ||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2020 A, 5.00%, 07/01/2027 | 1,000,000 | 1,003,894 | ||||||
| United Airlines, Inc., Revenue, AMT, Series B-1, 5.00%, 07/15/2035 | 6,000,000 | 5,999,593 | ||||||
| City of Huntsville, | ||||||||
| Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 4.50%, 09/15/2031 (c) | 355,000 | 357,131 | ||||||
| City of Penitas, | ||||||||
| GO, Series 2025, 5.00%, 09/01/2035 | 415,000 | 416,795 | ||||||
| City of Port Isabel, | ||||||||
| GO, Series 2025, 5.00%, 02/15/2035 | 920,000 | 909,296 | ||||||
| City of Sugar Land, | ||||||||
| GO, Series 2014, 5.25%, 02/15/2032 | 25,000 | 25,049 | ||||||
| City of Temple, | ||||||||
| Reinvestment Zone No. 1, Tax Allocation, Refunding, Series 2018 A, 5.00%, 08/01/2038 | 2,830,000 | 2,830,000 | ||||||
| Clifton Higher Education Finance Corp., | ||||||||
| International Leadership of Texas, Inc., Revenue, Refunding, Series 2018 D, 6.13%, 08/15/2048 | 1,000,000 | 1,001,320 | ||||||
| Valor Texas Education Foundation, Revenue, Series 2024 A, 5.00%, 06/15/2034 (c) | 325,000 | 313,422 | ||||||
| County of Denton, | ||||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.13%, 12/31/2031 (c) | 500,000 | 502,616 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.75%, 12/31/2044 | 1,270,000 | 1,198,495 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 6.13%, 12/31/2054 | 500,000 | 472,486 | ||||||
| Tabor Ranch Public Improvement District Major Impt Area, Special Assessment, Series 2024, 5.25%, 12/31/2031 (c) | 1,000,000 | 1,003,816 | ||||||
| County of Medina, | ||||||||
| Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 4.88%, 09/01/2034 (c) | 1,453,000 | 1,401,946 | ||||||
| County of Wichita, | ||||||||
| GO, Series 2017, 5.00%, 09/15/2042 | 500,000 | 500,098 | ||||||
| Edinburg Economic Development Corp., | ||||||||
| Revenue, Series 2019, 4.00%, 08/15/2029 (c) | 585,000 | 568,168 | ||||||
| Harris County Cultural Education Facilities Finance Corp., | ||||||||
| Brazos Presbyterian Homes Obligated Group, Revenue, Series 2013 A, 5.00%, 01/01/2038 | 315,000 | 310,037 | ||||||
| Harris County Municipal Utility District No. 489, | ||||||||
| GO, BAM Insured, Series 2021, 2.00%, 09/01/2033 | 1,300,000 | 1,062,756 | ||||||
| Hidalgo County Regional Mobility Authority, | ||||||||
| Revenue, Junior Lien, Refunding, Series B, 4.00%, 12/01/2038 | 100,000 | 89,779 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| Kerrville Health Facilities Development Corp., | ||||||||
| Sid Peterson Memorial Hospital Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 08/15/2035 | 1,750,000 | 1,753,248 | ||||||
| Love Field Airport Modernization Corp., | ||||||||
| Southwest Airlines Co., Revenue, AMT, Series 2012, 5.00%, 11/01/2028 | 105,000 | 105,011 | ||||||
| Mission Economic Development Corp., | ||||||||
| Graphic Packaging International LLC, Revenue, AMT, Series 2025, 5.00%, 06/01/2030 (a)(b) | 4,750,000 | 4,823,460 | ||||||
| New Hope Cultural Education Facilities Finance Corp., | ||||||||
| CHF-Collegiate Housing College Station I LLC, Revenue, Series 2014 A, 5.00%, 04/01/2029 | 4,930,000 | 4,931,309 | ||||||
| CHF-Collegiate Housing College Station I LLC, Revenue, AG Insured, Series 2014 A, 5.00%, 04/01/2046 | 1,000,000 | 961,484 | ||||||
| Jubilee Academic Center, Inc., Revenue, Refunding, Series 2021, 4.00%, 08/15/2025 (c) | 440,000 | 439,973 | ||||||
| Outlook at Windhaven Forefront Living Obligated Group, Revenue, Series 2022 A, 6.50%, 10/01/2033 | 1,500,000 | 1,554,037 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2032 | 750,000 | 759,091 | ||||||
| SLF CHP LLC, Revenue, Series 2025 A, 5.75%, 07/01/2035 (c) | 2,500,000 | 2,431,925 | ||||||
| Nolan County Hospital District, | ||||||||
| GO, Series 2014, 3.25%, 08/15/2025 | 45,000 | 44,994 | ||||||
| Reagan Hospital District of Reagan County, | ||||||||
| GO, Series A, 5.00%, 02/01/2029 | 985,000 | 985,200 | ||||||
| Red River Education Finance Corp., | ||||||||
| St Edward's University, Inc., Revenue, Refunding, Series 2016, 4.00%, 06/01/2036 | 2,325,000 | 2,100,110 | ||||||
| St. Edward's University, Inc., Revenue, Refunding, Series 2016, 3.00%, 06/01/2034 | 500,000 | 417,491 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., | ||||||||
| Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.63%, 11/15/2030 | 10,000 | 10,000 | ||||||
| Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.75%, 11/15/2035 | 70,000 | 68,786 | ||||||
| Town of Trophy Club, | ||||||||
| Public Improvement District No. 1, Special Assessment, Refunding, Series 2025, 5.00%, 09/01/2032 | 1,000,000 | 1,055,101 | ||||||
| 58,579,536 | ||||||||
| Utah 1.9% | ||||||||
| City of Salt Lake City, | ||||||||
| Airport, Revenue, AMT, Series 2017 A, 5.00%, 07/01/2036 | 5,650,000 | 5,697,271 | ||||||
| Airport, Revenue, AMT, Series 2018A, 5.00%, 07/01/2037 | 7,500,000 | 7,606,393 | ||||||
| Downtown East Streetcar Sewer Public Infrastructure District, | ||||||||
| GO, Senior Lien, Series 2022 A, 5.75%, 03/01/2042 (c) | 2,000,000 | 1,929,776 | ||||||
| Downtown Revitalization Public Infrastructure District, | ||||||||
| Revitalization Sales Tax, Revenue, Series 2025 C, 5.00%, 07/15/2035 (c) | 2,075,000 | 2,079,427 | ||||||
| Fields Estates Public Infrastructure District, | ||||||||
| Assessment Area, Special Assessment, Series 2024 A-2, 5.25%, 12/01/2053 (c) | 1,500,000 | 1,376,825 | ||||||
| Firefly Public Infrastructure District No. 1, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024 A-2, 5.63%, 12/01/2043 (c) | 1,000,000 | 968,971 | ||||||
| Utah Charter School Finance Authority, | ||||||||
| Freedom Academy Foundation, Revenue, Refunding, Series 2017, 4.50%, 06/15/2027 (c) | 1,005,000 | 999,739 | ||||||
| Utah Infrastructure Agency, | ||||||||
| Revenue, Series 2021, 3.00%, 10/15/2025 | 135,000 | 134,836 | ||||||
| Wood Ranch Public Infrastructure District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 12/01/2053 (c) | 1,300,000 | 1,253,371 | ||||||
| 22,046,609 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Vermont 0.0%(g) | ||||||||
| East Central Vermont Telecommunications District, | ||||||||
| Revenue, Series 2016 A, 5.00%, 12/01/2035 (c) | 120,000 | 115,045 | ||||||
| Revenue, Refunding, Series 2017 A, 5.75%, 12/01/2031 (c) | 210,000 | 210,143 | ||||||
| 325,188 | ||||||||
| Virgin Islands 0.5% | ||||||||
| Matching Fund Special Purpose Securitization Corp., | ||||||||
| United States Virgin Islands Federal Excise Tax, Revenue, Refunding, Series 2022 A, 5.00%, 10/01/2039 | 2,500,000 | 2,493,405 | ||||||
| Virgin Islands Public Finance Authority, | ||||||||
| United States Virgin Islands, Revenue, NATL Insured, Series 2006, 4.25%, 10/01/2029 | 30,000 | 30,088 | ||||||
| United States Virgin Islands, Revenue, Refunding, Series 2012 A, 5.00%, 10/01/2032 | 240,000 | 239,455 | ||||||
| United States Virgin Islands, Revenue, Refunding, Series 2014 C, 5.00%, 10/01/2030 (c) | 1,500,000 | 1,500,177 | ||||||
| United States Virgin Islands Frenchman's Reef Hotel Room Occupancy Tax, Revenue, Series 2024 A, 6.00%, 04/01/2053 (c) | 1,000,000 | 975,340 | ||||||
| 5,238,465 | ||||||||
| Virginia 0.5% | ||||||||
| Norfolk Redevelopment & Housing Authority, | ||||||||
| Fort Norfolk Retirement Community, Inc. Obligated Group, Revenue, Refunding, Series 2014, 5.38%, 01/01/2035 | 4,945,000 | 4,946,040 | ||||||
| Fort Norfolk Retirement Community, Inc. Obligated Group, Revenue, Series A, 5.00%, 01/01/2034 | 910,000 | 911,999 | ||||||
| 5,858,039 | ||||||||
| Washington 1.5% | ||||||||
| King County Housing Authority, | ||||||||
| Revenue, Series 2008, 5.50%, 05/01/2038 | 4,000,000 | 4,005,111 | ||||||
| Port of Seattle Industrial Development Corp., | ||||||||
| Delta Air Lines, Inc., Revenue, AMT, Refunding, Series 2012, 5.00%, 04/01/2030 | 10,625,000 | 10,624,533 | ||||||
| Washington State Housing Finance Commission, | ||||||||
| German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 B-1, 4.50%, 07/01/2030 (c) | 1,000,000 | 999,970 | ||||||
| Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2027 (c) | 1,560,000 | 1,569,788 | ||||||
| Spokane International Academy, Revenue, Series 2021 A, 4.00%, 07/01/2028 (c) | 305,000 | 297,175 | ||||||
| Spokane International Academy, Revenue, Series 2021 A, 4.00%, 07/01/2029 (c) | 320,000 | 308,952 | ||||||
| 17,805,529 | ||||||||
| West Virginia 0.9% | ||||||||
| City of Huntington, | ||||||||
| Downtown Development/Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.50%, 06/01/2049 | 450,000 | 422,214 | ||||||
| West Virginia Economic Development Authority, | ||||||||
| Commercial Metals Co., Revenue, AMT, Series 2025, 4.63%, 05/15/2032 (a)(b) | 6,450,000 | 6,284,823 | ||||||
| West Virginia Hospital Finance Authority, | ||||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2043 | 1,750,000 | 1,666,819 | ||||||
| Vandalia Health, Inc. Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 09/01/2025 | 25,000 | 25,029 | ||||||
| Vandalia Health, Inc. Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 09/01/2027 | 235,000 | 235,313 | ||||||
| West Virginia Housing Development Fund, | ||||||||
| Revenue, Series 2021A, 2.00%, 05/01/2033 | 1,695,000 | 1,385,732 | ||||||
| Revenue, Series 2021A, 2.00%, 11/01/2036 | 1,325,000 | 991,518 | ||||||
| 11,011,448 | ||||||||
| Wisconsin 8.3% | ||||||||
| Public Finance Authority, | ||||||||
| Revenue, Series 2024, 0.00%, 12/15/2030 (c)(f) | 5,675,000 | 4,167,256 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Revenue, Series 2025, 8.75%, 07/30/2026 (c) | 10,000,000 | 9,787,700 | ||||||
| Tax Allocation, Series 2025, 5.25%, 06/01/2034 (c) | 3,800,000 | 3,787,354 | ||||||
| Ameream LLC, Revenue, Series 2017, 6.50%, 12/01/2037 (c) | 2,500,000 | 2,375,000 | ||||||
| Bancroft Neurohealth Obligated Group, Revenue, Series 2016 A, 5.00%, 06/01/2026 (c) | 1,005,000 | 1,010,230 | ||||||
| Bancroft Neurohealth Obligated Group, Revenue, Series 2016 A, 4.63%, 06/01/2036 (c) | 25,000 | 23,823 | ||||||
| Bancroft Neurohealth Obligated Group, Revenue, Series 2016 A, 5.00%, 06/01/2036 (c) | 1,500,000 | 1,487,754 | ||||||
| Campus Real Estate Holding Corp. LLC, Revenue, Refunding, Series 2025 A, 5.00%, 06/01/2035 | 1,200,000 | 1,240,103 | ||||||
| Cincinnati Classical Academy, Revenue, Series 2024 A, 5.25%, 06/15/2035 (c) | 1,075,000 | 1,070,097 | ||||||
| Denton County Municipal Utility District No. 16, Revenue, Series 2024, 5.75%, 12/15/2033 (c) | 5,000,000 | 4,862,020 | ||||||
| Dominium Holdings I LLC, Revenue, Series 2024-1, Class B-1, 6.81%, 04/28/2036 (c) | 900,000 | 912,278 | ||||||
| Douglas County Sanitary & Improvement District No. 637, Special Assessment, Series 2025 A, 7.00%, 02/20/2030 (c) | 465,434 | 467,895 | ||||||
| Douglas County Sanitary & Improvement District No. 639, Special Assessment, Series 2025A, 7.00%, 07/09/2030 (c) | 376,639 | 377,694 | ||||||
| Dreamhouse 'Ewa Beach Public Charter School, Revenue, Series 2022 A, 5.75%, 08/01/2025 (c) | 1,175,000 | 1,175,000 | ||||||
| Gardner-Webb University, Revenue, Series 2018, 5.00%, 07/01/2027 (c) | 2,865,000 | 2,865,794 | ||||||
| Gardner-Webb University, Revenue, Series 2018, 5.00%, 07/01/2031 (c) | 6,810,000 | 6,677,981 | ||||||
| Guilford Charter School Corp., Revenue, Series 2022 A, 4.38%, 04/01/2032 (c) | 615,000 | 591,249 | ||||||
| Guilford College, Revenue, Refunding, Series 2016, 5.00%, 01/01/2026 | 685,000 | 684,900 | ||||||
| Guilford College, Revenue, Refunding, Series 2016, 4.25%, 01/01/2028 | 30,000 | 29,726 | ||||||
| Harris County Municipal Utility District No. 544, Revenue, Series 2024, 5.88%, 11/15/2029 (c) | 1,000,000 | 1,000,414 | ||||||
| Hozho Academy, Revenue, Refunding, Series 2025 A, 6.05%, 05/01/2033 (c) | 1,000,000 | 1,004,281 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2024, 5.00%, 12/01/2034 (c) | 3,500,000 | 3,554,888 | ||||||
| Mary's Woods at Marylhurst Obligated Group, Revenue, Refunding, Series 2017 A, 5.00%, 05/15/2029 (c) | 110,000 | 111,379 | ||||||
| Million Air Three Obligated Group, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 09/01/2030 (c) | 3,550,000 | 3,698,877 | ||||||
| Million Air Three Obligated Group, Revenue, AMT, Refunding, Series 2024 A, 5.75%, 09/01/2035 (c) | 3,500,000 | 3,611,436 | ||||||
| Montgomery County Municipal Utility District Nos. 123 & 153, Revenue, Series 2024, 0.00%, 12/15/2034 (c)(f) | 1,072,000 | 610,444 | ||||||
| QCF Behavioral Hospitals I Obligated Group, Revenue, Series 2024 A, 7.50%, 07/01/2059 (c) | 3,000,000 | 3,273,161 | ||||||
| Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 5.25%, 03/01/2042 | 1,895,000 | 1,834,874 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 A, 7.00%, 06/17/2029 (c) | 503,303 | 514,782 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 C, 7.00%, 08/26/2029 (c) | 878,882 | 881,280 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 C, 7.00%, 05/19/2030 (c) | 419,624 | 424,581 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 D, 7.00%, 09/23/2029 (c) | 592,372 | 600,373 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 E, 7.00%, 11/18/2029 (c) | 908,307 | 912,340 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 A, 7.00%, 12/16/2029 | 133,955 | 135,534 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 B, 7.00%, 01/27/2030 | 854,262 | 862,643 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 D, 7.00%, 06/16/2030 (c) | 353,057 | 354,566 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 E, 7.00%, 06/30/2030 (c) | 299,821 | 300,447 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2024 A, 7.00%, 09/17/2029 (c) | 462,737 | 462,675 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 A, 7.00%, 12/17/2029 | 370,449 | 374,674 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 B, 7.00%, 02/18/2030 | 391,851 | 394,534 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 C, 7.00%, 04/15/2030 (c) | 209,553 | 213,507 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 D, 7.00%, 05/20/2030 (c) | 881,831 | 890,467 | ||||||
| Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 A, 7.00%, 01/20/2030 (c) | 512,520 | 516,619 | ||||||
| Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 B, 7.00%, 06/05/2030 (c) | 182,688 | 183,492 | ||||||
| Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 A, 5.00%, 06/01/2041 (c) | 7,500,000 | 7,292,946 | ||||||
| TrIPs Obligated Group, Revenue, AMT, Refunding, Series 2012 C, 5.25%, 07/01/2028 | 505,000 | 505,459 | ||||||
| Wittenberg University, Revenue, Series 2016, 5.00%, 12/01/2031 (c) | 7,330,000 | 6,798,700 | ||||||
| Wisconsin Health & Educational Facilities Authority, | ||||||||
| Chiara Communities, Inc., Revenue, Series 2018 B, 4.25%, 07/01/2033 | 125,000 | 118,784 | ||||||
| Chiara Communities, Inc., Revenue, Series 2018 B, 4.38%, 07/01/2038 | 1,250,000 | 1,099,831 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.00%, 07/01/2035 | 2,520,000 | 2,512,193 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.63%, 07/01/2045 | 3,495,000 | 3,338,565 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.88%, 07/01/2055 | 1,500,000 | 1,421,607 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2060 | 7,320,000 | 6,996,828 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2025, 5.63%, 07/01/2035 | 1,150,000 | 1,183,723 | ||||||
| Wisconsin Masonic Home Obligated Group, Revenue, Series 2024 A, 5.75%, 08/15/2059 | 500,000 | 494,517 | ||||||
| 102,079,275 | ||||||||
| TOTAL MUNICIPAL BONDS (Cost $1,270,962,017) |
1,230,070,749 | |||||||
| Total Investments - 99.4% (Cost $1,270,962,017) |
1,230,070,749 | |||||||
| Other assets less liabilities - 0.6% | 6,903,930 | |||||||
| Net Assets - 100.0% | 1,236,974,679 | |||||||
| (a) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2025. |
| (b) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on July 31, 2025. |
| (c) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $594,109,138, which represents approximately 48.03% of net assets of the Fund. |
| (d) | Variable rate demand notes (“VRDNs”) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| (e) | When-issued security. |
| (f) | Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity. |
| (g) | Represents less than 0.05% of net assets. |
| (h) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2025. |
| Abbreviations | |
| AMT | Alternative Minimum Tax |
| ETM | Escrowed to Maturity |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)
| Percent of Net | ||||
| Industry Diversification for Portfolio Holdings | Assets | |||
| Economic/Industrial Development | 19.9 | % | ||
| Hospital | 15.6 | |||
| Higher Education | 6.9 | |||
| Continuing Care Retirement Community | 6.3 | |||
| Public Transportation | 6.1 | |||
| Airport | 5.1 | |||
| Tax Increment Financing | 4.8 | |||
| General Revenue Tax-Guaranteed | 3.6 | |||
| Special Assessment Financing | 3.6 | |||
| Charter School | 3.4 | |||
| Port/Marina | 2.7 | |||
| Community Development District | 2.5 | |||
| Solid Waste | 1.8 | |||
| Public Power System | 1.6 | |||
| General Obligation | 1.5 | |||
| Tobacco Master Settlement Agreement | 1.4 | |||
| Assisted Living | 1.2 | |||
| Miscellaneous Tax | 1.2 | |||
| Toll Highway/Bridge/Tunnel | 1.2 | |||
| Student Housing | 1.1 | |||
| Miscellaneous | 1.0 | |||
| Sales & Excise Tax | 1.0 | |||
| Appropriation | 0.9 | |||
| Loan Pool | 0.9 | |||
| State Single-Family Housing | 0.7 | |||
| Not-For-Profit Human Service Provider | 0.5 | |||
| Water & Sewer | 0.5 | |||
| Local Multi-Family Housing | 0.4 | |||
| Housing Tax-Guaranteed | 0.3 | |||
| Municipal Utility (Mixed) | 0.3 | |||
| Hotel Occupancy Tax | 0.2 | |||
| Payments in Lieu of Taxes (PILOT) | 0.2 | |||
| School District | 0.2 | |||
| General Obligation District (Other) | 0.1 | |||
| General Obligation Hospital/Health District | 0.1 | |||
| Income Tax | 0.1 | |||
| Indian Tribal Bond | 0.1 | |||
| Mello-Roos | 0.1 | |||
| Municipal Utility District | 0.1 | |||
| Not-For-Profit Foundation | 0.1 | |||
| Nursing Home | 0.1 | |||
| Gas Forward Contract | 0.0 | * | ||
| Not-For-Profit Cultural Organization | 0.0 | * | ||
| Telecom | 0.0 | * | ||
| Total Investments | 99.4 | % | ||
| * | Less than 0.05% |
| See Notes to Schedule of Investments. | (Continued) |
Notes to Schedules of Investments (unaudited)
Note 1 — Organization
First Eagle Funds (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of July 31, 2025, the Trust consists of eleven separate portfolios, the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Fund (formerly named First Eagle U.S. Value Fund), First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund, First Eagle Global Real Assets Fund, First Eagle High Yield Municipal Fund and First Eagle Short Duration High Yield Municipal Fund (each individually a “Fund” or collectively the “Funds”). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Rising Dividend Fund, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle Global Income Builder Fund seeks current income generation and long-term growth of capital. The First Eagle Rising Dividend Fund seeks capital appreciation and current income. The First Eagle Small Cap Opportunity Fund seeks long-term growth of capital. The First Eagle U.S. Smid Cap Opportunity Fund seeks long-term growth of capital. The First Eagle Global Real Assets Fund seeks long-term growth of capital. The First Eagle High Yield Municipal Fund seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The First Eagle Short Duration High Yield Municipal Fund seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The First Eagle Short Duration High Yield Municipal Fund incepted on January 2, 2024.
The Funds generally offer up to four share classes, Class A shares, Class C shares, Class I shares and Class R6 shares, except for the First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, which offer Class A shares, Class I shares and Class R6 shares only. On March 1, 2025, Class C Shares were newly registered for the First Eagle Small Cap Opportunity Fund and First Eagle Short Duration High Yield Municipal Fund. On December 1, 2023, Class R3 Shares, Class R4 Shares, Class R5 Shares of the Funds were closed to new investors. On February 28, 2024, all remaining Class R3 shares, Class R4 shares, and Class R5 shares of the Funds converted into Class R6 shares. As a result, Class R3 shares, Class R4 shares, and Class R5 shares were terminated.
First Eagle Investment Management, LLC (the “Adviser”) is the investment adviser of the Funds. The Adviser is a subsidiary of First Eagle Holdings, Inc. (“First Eagle Holdings”). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain co-investors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P., a Delaware limited partnership.
On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held by funds indirectly controlled by Blackstone and Corsair and certain co-investors in a transaction announced by First Eagle on March 3, 2025. Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries.
As required under the 1940 Act, closing of the transaction was an “assignment” of the prior investment management agreements between the First Eagle Funds and the Adviser with respect to the Funds, which resulted in automatic termination of those agreements. On April 3, 2025, the Board of Trustees of the First Eagle Funds (the “Board”) considered new substantially identical investment management agreements with the Adviser with respect to the Funds,which it approved and presented such to the shareholders of the Funds for approval, and were approved by shareholders on June 30, 2025. The current investment management agreements took effect upon the closing of the transaction on August 15, 2025. The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds' investment objective or policies.
Note 2 — Significant Accounting Policies
The following is a summary of significant accounting policies that are adhered to by the Funds. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”).
| a) | Investments in Subsidiaries — The First Eagle Global Fund (the “Global Fund”), First Eagle Overseas Fund (the “Overseas Fund”), First Eagle U.S. Fund (the “U.S. Fund”), First Eagle Gold Fund (the “Gold Fund”), First Eagle Global Income Builder Fund (the “Global Income Builder Fund”) and First Eagle Global Real Assets Fund (the “Global Real Assets Fund”) may invest in certain precious metals through their investment in the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd.), First Eagle U.S. Cayman Fund, Ltd., (formerly named First Eagle U.S. Value Cayman Fund, Ltd.), First Eagle Gold Cayman Fund, Ltd., First Eagle Global Income Builder Cayman Fund, Ltd. and First Eagle Global Real Assets Cayman Fund, Ltd., respectively, each a wholly owned subsidiary (each referred to herein as a “Subsidiary” or collectively “the Subsidiaries”). Each Fund may invest up to 25% of its total assets in shares of its respective Subsidiary. Each Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of its respective Fund. Substantially all of each Subsidiary’s assets represent physical gold bullion, and First Eagle Gold Cayman Fund, Ltd. also holds physical silver. Trading in bullion directly by the Funds presents the risk of tax consequences (e.g., a change in the Funds’ tax status subjecting the Funds to be taxed at the Fund level on all of their income if the Funds’ “non-qualifying income” exceeds 10% of the Funds’ gross income in any taxable year). Trading in bullion by the Subsidiaries generally does not present the same tax risks. |
The First Eagle Global Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Fund and the First Eagle Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2025, the First Eagle Global Cayman Fund, Ltd. has $5,403,317,365 in net assets, representing 8.69% of the Global Fund’s net assets.
The First Eagle Overseas Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2025, the First Eagle Overseas Cayman Fund, Ltd. has $562,255,423 in net assets, representing 4.07% of the Overseas Fund’s net assets.
The First Eagle U.S. Cayman Fund, Ltd., established on January 24, 2012, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the U.S. Fund and the First Eagle U.S. Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2025, the First Eagle U.S. Cayman Fund, Ltd. has $175,741,986 in net assets, representing 11.97% of the U.S. Fund’s net assets.
The First Eagle Gold Cayman Fund, Ltd., established on May 28, 2010, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Gold Fund and the First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2025, the First Eagle Gold Cayman Fund, Ltd. has $671,224,013 in net assets, representing 18.53% of the Gold Fund’s net assets.
The First Eagle Global Income Builder Cayman Fund, Ltd., established on May 31, 2024, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Income Builder Fund and the First Eagle Global Income Builder Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2025, the First Eagle Global Income Builder Cayman Fund, Ltd. has $0 in net assets, representing 0.00% of the Global Income Builder Fund’s net assets.
The First Eagle Global Real Assets Cayman Fund, Ltd., established on September 9, 2021, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Real Assets Fund and the First Eagle Global Real Assets Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2025, the First Eagle Global Real Assets Cayman Fund, Ltd. has $507,200 in net assets, representing 3.38% of the Global Real Assets Fund’s net assets.
| b) | Investment Valuation — Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. |
A portfolio security (including an option or warrant), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.
All bonds, whether listed on an exchange or traded in the over-counter-market for which market quotations are available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of the NYSE (normally 4:00 p.m. Eastern Time), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser’s Valuation Committee, at least annually, will review the pricing service’s inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.
Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.
Forward foreign currency exchange contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source.
The spot exchange rates, as provided by an independent price source as of the close of the NYSE, are used to convert foreign security prices into U.S. dollars.
Inverse Floaters are evaluated using a third party model that takes into account the evaluated price of the underlying bond, leverage factors, gain share and floating rate levels.
Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which it is traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be “stale” as a result of limited market activity for a particular holding, or in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or when market prices have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund’s NAV is calculated, or determined to be unreliable for a particular holding, such holdings may be “fair valued” as described below.
Additionally, trading of foreign equity securities on most foreign markets is completed before the close in trading in U.S. markets. The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to a Fund’s holdings therefore may differ on occasion from reported market values, especially during periods of higher market price volatility. The Adviser believes relying on the procedures described above will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds than relying solely on reported market values.
The Funds adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.
The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Funds’ investments and are summarized in the following fair value hierarchy:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Other significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).
The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently treated by the Funds as unobservable. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.
Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.
Fair valuation of securities, other financial investments or other assets (collectively, “securities”) held by the Funds are determined in good faith by the Adviser as “valuation designee” under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee (the “Committee”) oversees the execution of the valuation and liquidity procedures for the Funds. In accordance with Rule 2a-5 under the 1940 Act, the Funds’ Board has designated the Adviser the “valuation designee” to perform the Fund’s fair value determinations. The Adviser’s fair valuation process is subject to Board oversight and certain reporting and other requirements.
The following is a summary of the Funds’ inputs used to value the Funds’ investments as of July 31, 2025. A reconciliation of Level 3 investments is presented when a Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments were not considered to be material to each Fund’s net assets at the beginning or end of the period.
First Eagle Global Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 31,232,945,988 | $ | 20,425,515,895 | (a) | $ | – | $ | 51,658,461,883 | |||||||
| Corporate Bonds | – | – | 5,234,653 | 5,234,653 | ||||||||||||
| Commodities* | – | 6,405,853,213 | – | 6,405,853,213 | ||||||||||||
| Short-Term Investments | 17,680,115 | 4,152,843,239 | – | 4,170,523,354 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | – | 33,965,362 | – | 33,965,362 | ||||||||||||
| Total | $ | 31,250,626,103 | $ | 31,018,177,709 | $ | 5,234,653 | $ | 62,274,038,465 | ||||||||
| Liabilities: | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | – | $ | (13,390,167 | ) | $ | – | $ | (13,390,167 | ) | ||||||
| Total | $ | – | $ | (13,390,167 | ) | $ | – | $ | (13,390,167 | ) | ||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
| ** | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |
First Eagle Overseas Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 2,938,089,540 | $ | 9,144,193,241 | (a) | $ | 18,649,326 | $ | 12,100,932,107 | |||||||
| Commodities* | – | 1,160,631,616 | – | 1,160,631,616 | ||||||||||||
| Short-Term Investments | 13,869,562 | 551,278,652 | – | 565,148,214 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | – | 16,250,505 | – | 16,250,505 | ||||||||||||
| Total | $ | 2,951,959,102 | $ | 10,872,354,014 | $ | 18,649,326 | $ | 13,842,962,442 | ||||||||
| Liabilities: | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | – | $ | (6,269,739 | ) | $ | – | $ | (6,269,739 | ) | ||||||
| Total | $ | – | $ | (6,269,739 | ) | $ | – | $ | (6,269,739 | ) | ||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
| ** | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |
First Eagle U.S. Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 1,082,365,188 | $ | – | $ | – | $ | 1,082,365,188 | ||||||||
| Convertible Preferred Stocks | 5,185,000 | – | – | 5,185,000 | ||||||||||||
| Corporate Bonds | – | 13,424,147 | 6,115,200 | 19,539,347 | ||||||||||||
| Commodities* | – | 175,757,186 | – | 175,757,186 | ||||||||||||
| Master Limited Partnerships | 24,528,740 | – | – | 24,528,740 | ||||||||||||
| Preferred Stocks | 2,652,800 | – | – | 2,652,800 | ||||||||||||
| Short-Term Investments | 4,291,793 | 154,437,824 | – | 158,729,617 | ||||||||||||
| Total | $ | 1,119,023,521 | $ | 343,619,157 | $ | 6,115,200 | $ | 1,468,757,878 | ||||||||
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
First Eagle Gold Fund
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 2,512,815,102 | $ | 224,650,039 | (a) | $ | – | $ | 2,737,465,141 | |||||||
| Commodities * | – | 671,330,676 | – | 671,330,676 | ||||||||||||
| Rights | 1,606,382 | – | – | 1,606,382 | ||||||||||||
| Short-Term Investments | 13,660,195 | 163,728,398 | – | 177,388,593 | ||||||||||||
| Total | $ | 2,528,081,679 | $ | 1,059,709,113 | $ | – | $ | 3,587,790,792 | ||||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| * | Represents gold and silver bullion. |
First Eagle Global Income Builder Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 633,284,445 | $ | 603,660,089 | (a) | $ | – | $ | 1,236,944,534 | |||||||
| Convertible Preferred Stocks | 25,980,758 | – | – | 25,980,758 | ||||||||||||
| Corporate Bonds | – | 191,191,149 | 18,395,742 | 209,586,891 | ||||||||||||
| Asset-Backed Securities | – | 2,493,952 | – | 2,493,952 | ||||||||||||
| Commodities* | – | 156,908,641 | – | 156,908,641 | ||||||||||||
| Foreign Government Securities | – | 15,248,917 | – | 15,248,917 | ||||||||||||
| Loan Assignments | – | 2,507,300 | – | 2,507,300 | ||||||||||||
| Master Limited Partnerships | 18,971,644 | – | – | 18,971,644 | ||||||||||||
| Preferred Stocks | 42,750,961 | – | – | 42,750,961 | ||||||||||||
| U.S. Treasury Obligations | – | 188,245,047 | – | 188,245,047 | ||||||||||||
| Short-Term Investments | 3,730,543 | 44,893,351 | – | 48,623,894 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | – | 579,909 | – | 579,909 | ||||||||||||
| Total | $ | 724,718,351 | $ | 1,205,728,355 | $ | 18,395,742 | $ | 1,948,842,448 | ||||||||
| Liabilities: | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | – | $ | (290,561 | ) | $ | – | $ | (290,561 | ) | ||||||
| Options Written | (2,183,375 | ) | – | – | (2,183,375 | ) | ||||||||||
| Total | $ | (2,183,375 | ) | $ | (290,561 | ) | $ | – | $ | (2,473,936 | ) | |||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
| ** | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |
First Eagle Rising Dividend Fund
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 336,581,628 | $ | 65,182,606 | (a) | $ | – | $ | 401,764,234 | |||||||
| Master Limited Partnerships | 13,346,339 | – | – | 13,346,339 | ||||||||||||
| Short-Term Investments | 441,981 | 5,316,331 | – | 5,758,312 | ||||||||||||
| Total | $ | 350,369,948 | $ | 70,498,937 | $ | – | $ | 420,868,885 | ||||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Schedule of Investments for additional detailed categorizations. |
First Eagle Small Cap Opportunity Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 1,528,789,883 | $ | – | $ | – | $ | 1,528,789,883 | ||||||||
| Exchange-Traded Funds | 4,021,318 | – | – | 4,021,318 | ||||||||||||
| Rights | – | – | – | ^ | – | |||||||||||
| Short-Term Investments | 67,449,178 | – | – | 67,449,178 | ||||||||||||
| Total | $ | 1,600,260,379 | $ | – | $ | – | $ | 1,600,260,379 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| ^ | Fair value represents zero. |
First Eagle U.S. Smid Cap Opportunity Fund
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 42,248,959 | $ | – | $ | – | $ | 42,248,959 | ||||||||
| Short-Term Investments | 1,490,027 | – | – | 1,490,027 | ||||||||||||
| Total | $ | 43,738,986 | $ | – | $ | – | $ | 43,738,986 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
First Eagle Global Real Assets Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 9,680,277 | $ | 4,180,760 | (a) | $ | – | ^ | $ | 13,861,037 | ||||||
| Commodities* | – | 329,423 | – | 329,423 | ||||||||||||
| Exchange-Traded Funds | 185,472 | – | – | 185,472 | ||||||||||||
| Master Limited Partnerships | 684,124 | – | – | 684,124 | ||||||||||||
| Short-Term Investments | 115,302 | – | – | 115,302 | ||||||||||||
| Total | $ | 10,665,175 | $ | 4,510,183 | $ | – | $ | 15,175,358 | ||||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
| ^ | Fair value represents zero. |
First Eagle High Yield Municipal Fund
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 7,820,356,603 | $ | – | $ | 7,820,356,603 | ||||||||
| Total | $ | – | $ | 7,820,356,603 | $ | – | $ | 7,820,356,603 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
First Eagle Short Duration High Yield Municipal Fund
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 1,230,070,749 | $ | – | $ | 1,230,070,749 | ||||||||
| Total | $ | – | $ | 1,230,070,749 | $ | – | $ | 1,230,070,749 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
| c) | Forward Foreign Currency Exchange Contracts — In connection with portfolio purchases and sales of securities denominated in foreign currencies, each Fund may enter into forward foreign currency exchange contracts. The First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Global Income Builder Fund enter into forward foreign currency exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Funds’ currency transactions include portfolio hedging on portfolio positions. Portfolio hedging is the use of a forward foreign currency exchange contract (or other cash management position) with respect to one or more portfolio security positions denominated or quoted in a particular currency. Currency exchange transactions involve currencies of different countries that the Funds invest in and serve as hedges against possible variations in the exchange rates between these currencies and the U.S. dollar. Each Fund may engage in portfolio hedging with respect to the currency of a particular country in amounts approximating actual or anticipated positions in securities denominated in that currency. Hedging can reduce exposure to currency exchange movements, but cannot eliminate that exposure. It is possible to lose money under a hedge. |
Funds investing in forward foreign currency exchange contracts are exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after each Fund’s portfolio. For the nine months ended July 31, 2025, the average monthly outstanding currency purchased or sold in U.S. dollars for forward foreign currency exchange contracts held by the Funds were as follows:
| First Eagle | ||||||||||||
| Global | ||||||||||||
| First Eagle | First Eagle | Income | ||||||||||
| Global | Overseas | Builder | ||||||||||
| Fund | Fund | Fund | ||||||||||
| Forward Foreign Currency Exchange Contracts: | ||||||||||||
| Average Settlement Value — Purchased | $ | 608,902,906 | $ | 285,818,375 | $ | 13,744,128 | ||||||
| Average Settlement Value — Sold | 2,276,806,232 | 1,072,239,453 | 49,834,107 | |||||||||
The Funds adopted provisions surrounding disclosures of derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency-risk-related contingent features in derivative agreements.
In order to better define its contractual rights and to secure rights that may help the Funds mitigate counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreement, the Funds may be required to post or receive collateral in the form of cash or debt securities issued by the U.S. Government or related agencies. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Collateral received by the Funds is held in a segregated account at the Funds’ custodian bank. These amounts are not reflected on the Funds’ Statements of Assets and Liabilities and are disclosed in the table below. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty.
Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Asset and Liabilities.
At July 31, 2025, the Funds had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:
First Eagle Global Fund
| Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
| Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | ||||||||||||
| Foreign currency | $ | 33,965,362 | $ | 13,390,167 | $ | 9,186,426 | $ | (31,088,346 | ) | |||||||
First Eagle Overseas Fund
| Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
| Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | ||||||||||||
| Foreign currency | $ | 16,250,505 | $ | 6,269,739 | $ | 9,053,077 | $ | (16,643,825 | ) | |||||||
First Eagle Global Income Builder Fund
| Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
| Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | ||||||||||||
| Foreign currency | $ | 579,909 | $ | 290,561 | $ | 208,279 | $ | (726,951 | ) | |||||||
The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by each Fund as of July 31, 2025:
First Eagle Global Fund
| Counterparty | Gross
Amount of Assets Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Received* | Net Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 6,951,457 | $ | (6,951,457 | ) | $ | – | $ | – | |||||||
| Goldman Sachs | 9,244,134 | – | (8,750,000 | ) | 494,134 | |||||||||||
| JPMorgan Chase Bank | 8,509,484 | (1,145,934 | ) | (7,178,686 | ) | 184,864 | ||||||||||
| UBS AG | 9,260,287 | – | (8,799,739 | ) | 460,548 | |||||||||||
| $ | 33,965,362 | $ | (8,097,391 | ) | $ | (24,728,425 | ) | $ | 1,139,546 | |||||||
| Counterparty | Gross
Amount of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Pledged* | Net Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 12,244,233 | $ | (6,951,457 | ) | $ | (5,292,776 | ) | $ | – | ||||||
| JPMorgan Chase Bank | 1,145,934 | (1,145,934 | ) | – | – | |||||||||||
| $ | 13,390,167 | $ | (8,097,391 | ) | $ | (5,292,776 | ) | $ | – | |||||||
First Eagle Overseas Fund
| Counterparty | Gross
Amount of Assets Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Received* | Net Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 3,303,908 | $ | (3,303,908 | ) | $ | – | $ | – | |||||||
| Goldman Sachs | 4,522,728 | – | (4,310,000 | ) | 212,728 | |||||||||||
| JPMorgan Chase Bank | 4,016,385 | (511,701 | ) | (3,353,869 | ) | 150,815 | ||||||||||
| UBS AG | 4,407,484 | – | (4,289,719 | ) | 117,765 | |||||||||||
| $ | 16,250,505 | $ | (3,815,609 | ) | $ | (11,953,588 | ) | $ | 481,308 | |||||||
| Counterparty | Gross Amount of
Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Pledged* | Net Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 5,758,038 | $ | (3,303,908 | ) | $ | (2,454,130 | ) | $ | – | ||||||
| JPMorgan Chase Bank | 511,701 | (511,701 | ) | – | – | |||||||||||
| $ | 6,269,739 | $ | (3,815,609 | ) | $ | (2,454,130 | ) | $ | – | |||||||
First Eagle Global Income Builder Fund
| Counterparty | Gross
Amount of Assets Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Received* | Net Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 112,715 | $ | (112,715 | ) | $ | – | $ | – | |||||||
| Goldman Sachs | 148,703 | – | (130,000 | ) | 18,703 | |||||||||||
| JPMorgan Chase Bank | 137,782 | (26,371 | ) | (111,411 | ) | – | ||||||||||
| UBS AG | 180,709 | – | (162,069 | ) | 18,640 | |||||||||||
| $ | 579,909 | $ | (139,086 | ) | $ | (403,480 | ) | $ | 37,343 | |||||||
| Counterparty | Gross Amount of
Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Pledged* | Net Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 264,190 | $ | (112,715 | ) | $ | (151,475 | ) | $ | – | ||||||
| JPMorgan Chase Bank | 26,371 | (26,371 | ) | – | – | |||||||||||
| $ | 290,561 | $ | (139,086 | ) | $ | (151,475 | ) | $ | – | |||||||
*The actual collateral received/pledged may be more than the amount reported due to over collateralization.
| d) | Tender Option Bonds — Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for First Eagle High Yield Municipal Fund or First Eagle Short Duration High Yield Municipal Fund (the “Municipal Funds”). Such instruments are created by a special purpose trust (a “TOB Trust”) that holds long-term fixed rate bonds sold to it by a Fund (the underlying security), and issues two classes of beneficial interests: short-term floating rate interests (“Floaters”), which are sold to other investors, and Inverse Floaters, which are purchased by the Fund. The Municipal Funds generally will purchase Floaters issued by a TOB Trust. The Floaters have first priority on the cash flow from the underlying security held by the TOB Trust, have a tender option feature that allows holders to tender the Floaters back to the TOB Trust for their par amount and accrued interest at specified intervals and bear interest at prevailing short- term interest rates. Tendered Floaters are remarketed for sale to other investors for their par amount and accrued interest by a remarketing agent to the TOB Trust and are ultimately supported by a liquidity facility provided by a bank, upon which the TOB Trust can draw funds to pay such amount to holders of Tendered Floaters that cannot be remarketed. The Municipal Funds, as holders of the Inverse Floaters, are paid the residual cash flow from the underlying security. Accordingly, the Inverse Floaters provide the Municipal Funds with leveraged exposure to the underlying security. When short-term interest rates rise or fall, the interest payable on the Floaters issued by a TOB Trust will, respectively, rise or fall, leaving less or more, respectively, residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Thus, as short-term interest rates rise, Inverse Floaters produce less income for the Municipal Funds, and as short-term interest rates decline, Inverse Floaters produce more income for the Municipal Funds. The price of Inverse Floaters is expected to decline when interest rates rise and increase when interest rates decline, in either case generally more so than the price of a bond with a similar maturity, because of the effect of leverage. As a result, the price of Inverse Floaters is typically more volatile than the price of bonds with similar maturities, especially if the relevant TOB Trust is structured to provide the holder of the Inverse Floaters relatively greater leveraged exposure to the underlying security (e.g., if the par amount of the Floaters, as a percentage of the par amount of the underlying security, is relatively greater). Upon the occurrence of certain adverse events (including a credit ratings downgrade of the underlying security or a substantial decrease in the market value of the underlying security), a TOB Trust may be collapsed by the remarketing agent or liquidity provider and the underlying security liquidated, and the Municipal Funds could lose the entire amount of its investment in the Inverse Floater and may, in some cases, be contractually required to pay the shortfall, if any, between the liquidation value of the underlying security and the principal amount of the Floaters. Consequently, in a rising interest rate environment, the Municipal Funds’ investments in Inverse Floaters could negatively impact the Municipal Funds’ performance and yield, especially when those Inverse Floaters provide the Municipal Funds with relatively greater leveraged exposure to the underlying securities held by the relevant TOB Trusts. |
The Municipal Funds may invest in Inverse Floaters on a non-recourse or recourse basis. If a Fund invests in an Inverse Floater on a recourse basis, the Fund will be required to reimburse the liquidity provider of a TOB Trust for any shortfall between the liquidation value of the underlying security and the principal amount of the Floaters in the event the Floaters cannot be successfully remarketed and the Fund could suffer losses in excess of the amount of its investment in the Inverse Floater.
The Underlying Bond deposited into the TOB Trust is identified in the Municipal Fund’s Portfolio of Investments as “(a) All or portion of principal amount transferred to a TOB Issuer in exchange for TOB residuals and cash.” with the Fund recognizing as liabilities, labeled “Payable for Floating Rate Note Obligation” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Accrued interest and dividends receivable” and “Interest expense and fees payable” on the Statement of Assets and Liabilities, respectively.
As of July 31, 2025, the aggregate value of Floaters issued by the Municipal Funds’ TOB Trusts were as follows:
| Floating Rate | ||||
| Obligations: | ||||
| First Eagle High Yield Municipal Fund | $ | 787,345,000 | ||
For six months ended July 31, 2025, the average amount of Floaters outstanding and the average annual interest rates and fees related to Inverse Floaters, were as follows:
| Average Floating | Average Annual | |||||||
| Rate Obligations | Interest Rate | |||||||
| Outstanding | and Fees | |||||||
| First Eagle High Yield Municipal Fund | $ | 585,058,443 | 3.22 | % | ||||
| e) | Options — In order to seek to produce incremental earnings or protect against declines in the value of portfolio securities, each Fund may write “covered” call options on portfolio securities. The Funds may also use options for speculative purposes, although they generally do not employ options for this purpose. |
Options contracts are valued daily based upon the official closing price on the relevant exchange on which the option is traded. If there is no official closing price, the mean between the last bid and asked prices may be used. When an option is exercised, the proceeds on the sale of a written call option are adjusted by the amount of premium received or paid. When a written option expires, the Funds will realize a gain equal to the amount of the premium received. When the Funds enter into a closing purchase transaction, the Funds will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.
In general, a call option is covered if a Fund holds, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Funds in cash, Treasury bills or other high grade short-term obligations earmarked with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to hedge against a moderate decline in the value of securities owned by a Fund in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by a Fund, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This “opportunity cost” may be partially or wholly offset by the premium received for the covered call written by a Fund. The risk in writing a covered call option is that a Fund gives up the opportunity for profit if the market price of the underlying security increases and the option is exercised. A Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
A Fund may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty. Rule 18f-4 under the 1940 Act permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset coverage”).
Under Rule 18f- 4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls) and nonstandard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.
Unless a fund is relying on the Limited Derivatives User Exception (as defined below), a fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a fund to adopt and implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.
Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund’s “derivatives exposure” (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited Derivatives User Exception”). As of the date hereof, each Fund is relying on the Limited Derivatives User Exception.
As of July 31, 2025, portfolio securities valued at $86,559,223 were earmarked to cover collateral requirements for written options for First Eagle Global Income Builder Fund.
For the nine months ended July 31, 2025, the average monthly number of contracts outstanding for written options and purchased options held by the Funds were as follows:
| First Eagle | |||||
| Global Income | |||||
| Builder Fund | |||||
| Options: | |||||
| Average Number of Contracts — Written | 9,863 | ||||
At July 31, 2025, the Funds had the following options grouped into appropriate risk categories illustrated below:
First Eagle Global Income Builder Fund
| Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
| Net Realized | Change in | |||||||||||||||
| Asset Derivative | Liability Derivative | Gains | Appreciation | |||||||||||||
| Risk Type | Fair Value | Fair Value | (Losses) | (Depreciation) | ||||||||||||
| Equity — Written options | $ | — | $ | 2,183,375 | $ | 1,554,965 | $ | 2,477,030 | ||||||||
| f) | Repurchase Agreements — The Funds may enter into repurchase agreement transactions with institutions that meet the Adviser’s credit guidelines. Each repurchase agreement is valued at market. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. |
| g) | Bank Loans — A Fund may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, a Fund assumes the credit risk of the Borrower, the selling participant and any intermediary between a Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants becomes insolvent or enters into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. |
| h) | Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”) which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The principal value of TIPS will be adjusted upward or downward. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations and reflected in market value of the securities. TIPS are subject to interest rate risk. |
| i) | Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
Note 3 — Subsequent Events
As noted in Note 1, on August 15, 2025 (after the period covered by this report), private equity funds managed by Genstar Capital purchased all interests in First Eagle Holdings held by funds indirectly controlled by Blackstone and Corsair and certain related co-investors in a transaction announced by First Eagle on March 3, 2025. The Funds’ current investment management agreements took effect upon the closing of the transaction on August 15, 2025, following approval of the agreements by shareholders on June 30, 2025.